20 April 2012 13:47 [Source: ICIS news]
HOUSTON (ICIS)--Honeywell’s first-quarter profit in its performance materials and technologies segment rose 12% year on year to $319m (€242m), mainly due to higher volumes, the diversified US-based industrial firm said on Friday.
Honeywell said that the segment's sales for the three months ended 31 March rose 19% year on year to $1.6bn.
Honeywell’s UOP petrochemicals catalysts business had strong sale during the quarter, the company said.
However, Honeywell saw softer demand in Asia and ?xml:namespace>
The segment’s margin fell to 19.8%, from 21.0% in the 2011 first quarter, because of a dilutive impact from the phenol plant acquisition, the company said.
“This [margin] is better than expected performance due to less price/raws headwinds than originally planned,” the company added.
Honeywell is focused on aerospace, automation and control, transportation systems, and performance materials and technologies.
Honeywell’s overall first-quarter sales rose 7% year on year to $9.3bn. Earnings per share from continuing operations rose 21% to $1.04.
($1 = €0.76)
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