MORRIS TOWNSHIP, N.J., Fri Oct 19, 2012 – Diversified U.S. manufacturer Honeywell International Inc. reported a 10 percent rise in quarterly earnings as declining natural gas prices helped boost profits at its UOP chemical arm, offsetting weakness in Europe.
The maker of aircraft electronics and building control systems said on Friday that third-quarter earnings came to $950 million, or $1.20 per share, compared with $862 million, or $1.10 per share, a year earlier.
The results came in 6 cents per share ahead of the analysts’ average estimate of $1.14, according to Thomson Reuters I/B/E/S.
Honeywell tightened its full-year profit forecast to a range of $4.45 to $4.50 per share. Its previous outlook was $4.40 to $4.55, and analysts had expected $4.50.
“Looking ahead to 2013, we are planning for a continued challenging macro environment, but expect to deliver good growth,” Chief Executive Officer Dave Cote said in a statement.
Third-quarter sales were up less than 1 percent to $9.34 billion, shy of Wall Street’s $9.51 billion target. Sales rose 4 percent at the company’s aerospace arm, reflecting strength in commercial aviation, but fell 10 percent at the transportation systems unit on weak European demand for automotive turbochargers.
Honeywell shares fell 1 percent to $60.80 in premarket trading.
MORRISTOWN, N.J. – Diversified manufacturer Honeywell International Inc. said it expects sales at its defense and space business to fall by 4 percent to 5 percent this year as the United States pares back its military spending.
The world’s largest maker of cockpit electronics said on Tuesday the forecast decline follows a 2 percent drop in 2011. It looks for defense revenue to stabilize in 2013 and resume slow growth the year after.
This forecast was included in its previously disclosed full-year earnings target of $4.25 per share to $4.50 per share, up 5 to 11 percent from 2011.
The U.S. Defense Department’s aims to cut spending by $487 billion over the next decade by eliminating 100,000 ground troops as it winds down from major operations in Afghanistan and Iraq and aims for a smaller, more mobile force.
MORRIS TOWNSHIP, N.J. ― Honeywell announced today that it will invest $33 million in its Baton Rouge, La., manufacturing facility ― one of the leading suppliers of refrigerants in the United States ― to produce a low-global-warming material used in insulation and aerosols.
This investment will provide the Baton Rouge facility with the ability to produce Honeywell’s new low-global-warming-potential (GWP) blowing agent and propellant (technical name: HFO-1234ze) on a commercial scale. Production of HFO-1234ze at the facility is scheduled to begin in late 2013.
“Honeywell’s Baton Rouge plant has a long history of manufacturing materials that meet consumer needs for comfort and energy efficiency,” said Andreas Kramvis, president and CEO of Honeywell Specialty Materials. “We are pleased that this investment will enable Baton Rouge to become the premier source of a next-generation technology that enables low-global-warming aerosol propellants, foam blowing agents and refrigerants.”
“Customers are looking for solutions from Honeywell that are energy efficient, safe, economical and better for the environment than existing materials. The investment we are making in Baton Rouge will allow us to meet the significant global customer demand for HFO-1234ze, which has all of these attributes,” said Terrence Hahn, vice president and general manager of Honeywell Fluorine Products. “This marks an important milestone for our entire portfolio of low-global-warming-potential products, which help safely and cost-effectively improve the energy efficiency of everyday products while meeting environmental regulations.”
Honeywell’s Baton Rouge facility was built in 1945 and continues to serve as one of Honeywell’s main manufacturing sites for its Specialty Materials business. Products made at the Baton Rouge facility are shipped to customers around the world.