Honeywell's stock jumps after earnings beat expectations, sales meet

Singapore News News

Shares of Honeywell International ran up 3.2% in premarket trade Friday, after the diversified industrial company reported third-quarter earnings that beat expectations, as revenue met. Net income rose to $2.34 billion, or $3.11 a share, from $1.35 billion, or $1.74 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $2.03, above the FactSet consensus of $1.99. Sales increased to $10.76 billion from $10.12 billion, matching the FactSet consensus, as better-than-expected aerospace and safety and productivity solutions sales offset home and building technologies and performance materials sales that were slightly below forecasts. The company lowered its 2018 outlook, to reflect the spinoff of Garrett Motion Inc. . Honeywell expects 2018 adjusted EPS of $7.95 to $8.00, down from previous guidance of $8.10 to $8.20, while the sales outlook was lowered to $41.7 billion to $41.8 billion from $43.1 billion to $43.6 billion. Thes tock has gained 2.3% year to date through Thursday, while the Dow Jones Industrial Average has advanced 2.7%.