18 July 2012 19:47 [Source: ICIS news]
HOUSTON (ICIS)--US Honeywell expects its performance materials and technologies segment to have tempered year-on-year growth in the third quarter, the company's CFO said on Wednesday.
Honeywell CFO David Anderson said they believe the PMT segment will see 5-7% year-on-year sales growth in the third quarter, as seasonal and price declines will temper the growth experienced in the second quarter. He made his remarks during the company's quarterly earnings conference call.
The company reported a 25% year-on-year increase in profit for the PMT segment to $350m (€284m). Segment sales also rose for the quarter, 10% to $1.55bn.
Plant reliability contributed to the strong performance, the company said, adding they expect it continue.
Additionally, the company is looking to expand opportunities in resins and chemicals across a number of product lines, Anderson said.
“Advanced Materials for PMT performed very well, despite strong competitive pressures globally and regional economic headwinds particularly Europe and Asia, all set by strong growth in the US,” Anderson said.($1 = €0.81)
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