Honeywell Rises After Growing Orders, Sales Prompt Boost to Outlook
(Bloomberg) -- Honeywell International Inc. climbed in early trading after the maker of aircraft parts and automation equipment increased its 2018 profit forecast, citing accelerating orders and robust sales.
Earnings are expected to be $8.10 to $8.20 a share, an increase of five cents at both ends from the previous range set on July 20, Honeywell said in a statement Thursday. Besides the strong demand, the company said it benefited from an accounting change related to asbestos liabilities.
The company also provided registration statements for an auto-turbocharger unit it plans to spin off at the end of the third quarter and a home-products business that will begin trading as a separate company at year-end. Those separations were announced last year as part of Chief Executive Officer Darius Adamczyk’s strategy to bolster sales growth and narrow Honeywell’s focus.
The shares advanced 2.2 percent to $159.60 ahead of regular trading in New York. Honeywell climbed 1.8 percent this year through Wednesday, lagging a 7 percent gain by the Standard & Poor’s 500 Index.
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