Honeywell Q2 net income up 3.5% at $476m, sales rise 8%

23 July 2010 12:46  [Source: ICIS news]

LONDON (ICIS news)--Honeywell’s net income rose 3.5% to $476m (€371m) in the second quarter compared with the same three months of last year as sales rose 8%, the US specialty chemicals company said on Friday.

Sales for the period came in at $8.2bn, compared with $7.6bn in the April to June period last year.

On a reported basis, earnings per share were $0.60, flat compared with the second quarter last year.

"We believe the recovery is happening, with improving demand in both our short- and long-cycle businesses. However, given ongoing economic uncertainties, we remain cautious about the near-term outlook," said Honeywell chairman and CEO Dave Cote.

He added that turbochargers and general industrial products continued to rebound, and that the company was starting to see a sequential up-tick in commercial aerospace orders.

“Our improved 2010 outlook reflects our strong first half performance and the continued momentum we're seeing in our businesses, but, as usual, we'll maintain a conservative stance in our planning assumptions and operating disciplines for the remainder of the year," said Cote.

Honeywell said it expected 2010 sales of $32.4bn-32.9bn and earnings in the range of $2.40-2.50 per share on a reported basis.

($1 = €0.78)

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By: Hilde Ovrebekk
+44 20 8652 3214



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