Honeywell reports higher Q2 profit

Diversified US manufacturer Honeywell International has reported a higher quarterly profit, citing robust growth in the aerospace commercial aftermarket, and raised its 2011 outlook. The company’s shares dipped 0.9 per cent in pre-market trade to $57.66. “If there was a negative in the quarter it would probably be lighter margins in aerospace, but overall results were solid,” said Matt Collins, Edward Jones analyst. “Management is pointing to slower growth in the second half of the year, and a lower tax rate may be supporting the guidance raise,” he said. Honeywell, the world’s largest maker of cockpit electronics, on Friday reported net income of $810 million, or $1.02 per share, up 43.1 per cent from $566 million, or 73 cents per share, a year earlier. It earned $1.00 per share from continuing operations, topping the 98 cents expected on average by analysts, according to Thomson Reuters. “Favorable global macro trends like safety, security, energy and globalization combined with our continued investments in new technologies, high growth regions and our process initiatives will enable the company to continue to grow and outperform now and over the long-term,” Honeywell Chief Executive Dave Cote said. From / Gulf today