Honeywell's Aerospace Division Leads 1Q Sales Growth

By Dean Seal

Honeywell recorded higher earnings and sales in the first quarter, driven by strength in its aerospace business that overcame shortfalls in other segments.

The industrial conglomerate posted a profit of $1.46 billion, or $2.23 a share, compared with $1.39 billion, or $2.07 a share, in the same quarter a year ago.

Stripping out one-time items, adjusted earnings were $$2.25 a share. Analysts polled by FactSet had been expecting $2.17 a share.

Revenue climbed to $9.11 billion from $8.86 billion, topping analyst projections for $9 billion, according to FactSet.

Sales in the company's aerospace technologies segment were up 18% on an organic basis, led by commercial original equipment on higher shipset deliveries and commercial aftermarket sales from increased flight activity.

Industrial automation sales were down 13% on an organic basis due to lower volumes in warehouse and workflow solutions. Building automation sales were down 3%, with growth in building solutions offset by lower volumes of building products sales.

Chief Executive Vimal Kapur said long-cycle customer demand was strong during the quarter, which Honeywell ended with its backlog up 6% at $32 billion.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

April 25, 2024 06:35 ET (10:35 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.