23 April 2010 16:48 [Source: ICIS news]
TORONTO (ICIS news)--Honeywell’s specialty materials and chemicals segment reported a 36% increase in first-quarter profit to $170m (€127.5m), up from $125m in the same period last year, as sales rose 8% on improved global markets, the diversified US-based technology and industrial firm said on Friday.
The segment’s sales for the three months ended 31 March were $1.139bn, up from $1.054bn in the 2009 first quarter, Honeywell said.
Honeywell credited higher sales in its resins and chemicals, electronic materials and fluorine products businesses due to improved global markets and the favourable impact of pass-through raw material price increases.
The specialty materials and chemicals segment includes Honeywell’s UOP petrochemicals technology business, as well as a range of chemical products, including ammonium nitrate, chemical intermediates such as caprolactam, nylon 6, advanced fibres and refrigerants, among others.
In addition to specialty materials and chemicals, Honeywell is focused on aerospace, automation and control, and transportation systems.
Overall, Honeywell reported first-quarter sales of $7.8bn, up 2.7% from the 2009 first quarter. Income before tax was $553m, up from $543m a year earlier, while net income fell $11m to $386m due to higher tax expenses, the company said.
“Honeywell’s first-quarter performance reflects better-than-expected improvements in many of our end-markets, coupled with strong commercial execution and disciplined cost controls,” said CEO Dave Cote.
“While the timing and shape of the recovery is uncertain and we remain conservative in our planning assumptions, the outlook for Honeywell is bright,” he added.
($1 = €0.75)
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