19 October 2012 13:19 [Source: ICIS news]
LONDON (ICIS)--US industrial group Honeywell reported an 8% increase in profit year on year for its performance materials and technologies business during the third quarter of 2012 to $275m (€212m), driven by higher petrochemical technology sales, the company said on Friday.
The figure represents a 21% drop compared with the previous quarter, when the company posted $350m in profits for the division over the period.
Segment sales for the three months were up 1% year on year to $1.48bn on the back of increased licensing and equipment sales for the company’s UOP subsidiary, as well as new products and applications in Honeywell’s specialty products and electronic materials division, the company said.
The sales total represents a 4.5% quarter-on-quarter drop, with Honeywell identifying “challenging” end market conditions in the fluorine products resins and chemicals sector during over the course of the three month period.
The segment margin rose 130 basis points over the quarter to 18.6%, compared with 17.3% in the third-quarter 2011 and a record 22.6% in the second quarter 2012.
In addition to the UOP business, which specialises in the manufacture and supply of petrochemical technologies, Honeywell's performance materials unit includes a range of chemical products and intermediates, including ammonium nitrate, caprolactam, nylon 6 (or polyamide 6), advanced fibres and refrigerants.
Honeywell is focused on aerospace, automation and control, transportation systems, and performance materials and technologies.
Honeywell’s overall third-quarter net income rose 10% year on year to $950m, as sales rose 0.5% to $9.34bn.
($1 = €0.77)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections