By Dean Seal
Honeywell recorded higher earnings and sales in the first quarter, driven by strength in its aerospace business that overcame shortfalls in other segments.
The industrial conglomerate posted a profit of $1.46 billion, or $2.23 a share, compared with $1.39 billion, or $2.07 a share, in the same quarter a year ago.
Stripping out one-time items, adjusted earnings were $$2.25 a share. Analysts polled by FactSet had been expecting $2.17 a share.
Revenue climbed to $9.11 billion from $8.86 billion, topping analyst projections for $9 billion, according to FactSet.
Sales in the company's aerospace technologies segment were up 18% on an organic basis, led by commercial original equipment on higher shipset deliveries and commercial aftermarket sales from increased flight activity.
Industrial automation sales were down 13% on an organic basis due to lower volumes in warehouse and workflow solutions. Building automation sales were down 3%, with growth in building solutions offset by lower volumes of building products sales.
Chief Executive Vimal Kapur said long-cycle customer demand was strong during the quarter, which Honeywell ended with its backlog up 6% at $32 billion.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
04-25-24 0635ET