Honeywell International Inc. (NYSE:HON) reported its earnings before opening bell this morning, reporting net income of $966 million and earnings per share of $1.21 on revenue of $9.3 billion. That’s compared to the consensus of $1.14 earnings per share on $9.4 billion in revenue.
The company’s earnings per share grew 12 percent, and its segment margin rose by 100 basis points to 16.2 percent. In the same quarter a year ago, Honeywell reported $1.04 earnings per share on $9.3 billion in revenue.
Honeywell International Inc. (NYSE:HON)’s key products include thermostats and cockpit controls. The company also makes turbochargers for automobiles. As production of natural gas and the construction of new petrochemical plants in the U.S. rose, demand for energy services provided by Honeywell increased. That covered the decline in demand for its turbocharger business, which is dependent on the demand for vehicles in Europe.
The company also finished its $525 million acquisition of a 70 percent stake in the Thomas Russell Co. in October. That company manufactures natural gas processing equipment.
In today’s earnings release, Honeywell International Inc. (NYSE:HON) also raised its low-end 2013 Proforma earnings per share guidance to $4.80 to $4.95 from $4.75 to $4.95.
“We had strong productivity in the quarter, and our balanced portfolio of both short- and long-cycle businesses continues to drive our outperformance,” said Honeywell Chairman and CEO Dave Cote in a statement. “We’re achieving these results in a slow growth environment while also maintaining our seed planting for the future by investing in new products and technologies, geographic expansion and driving our key process initiatives.
As of the moment of this writing, shares of Honeywell International Inc. (NYSE:HON) were up .39 percent in pre-market trades at the New York Stock Exchange.
