19 April 2013 17:16 [Source: ICIS news]
HOUSTON (ICIS)--Honeywell is basing its plans for Europe on zero GDP growth for the region in the next three years, the CEO of the diversified ?xml:namespace>
Based on the current situation, we “plan for zero percent GDP growth over the next three years” in
“There’s nothing to indicate that [Europe] is going to have a ‘bang-up’ quarter or year,”
Honeywell’s transportation systems’ business, in particular, depends on the European automotive market for cars and trucks. That segment’s first-quarter sales were down 4% year on year, because of lower European light vehicle production volumes and declining aftermarket sales.
Globally, Honeywell is seeing a slow-growth macro environment,
Nevertheless, Honeywell raised its lower-end 2013 earnings-per-share guidance to $4.80-$4.95, from $4.75-$4.95, as the company continues to improve its productivity and competitiveness while investing in new projects and products,
The majority of Honeywell's businesses – in particular the UOP petrochemical technology unit - are strong, he added.
Earlier on Friday, Honeywell’s performance and technologies segment reported a 17% year-on-year increase in first-quarter profit, to $374m (€288m), mainly because of higher petrochemical catalyst shipments and equipment sales by its UOP petrochemicals business
Honeywell has four main business segments: performance and technologies, which includes UOP; aerospace; automation and control; and transportation systems.
Honeywell’s share price was up 3.3% to $73.83/share at 11:36
($1 = €0.77)
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