Turbocharger sales help Honeywell profit zoom past expectations
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April 17 (Reuters) Diversified manufacturer Honeywell International Inc posted a better than expected quarterly profit on Thursday, helped by strong sales of automobile turbochargers in the United States and China.
The company, which also makes airplane cockpit parts, chemicals for the cheap Canada Goose energy industry and scores of other electronics and canadian goose jacket equipment, said it is optimistic on the health of the global economy and that it still expects profit to rise at least 9 percent this year.
remain confident in Canada Goose Outlet our outlook canada goose coats and intend to perform better than our peers, Chief Executive Dave Cote said in a statement.
One of canada goose uk shop the company brightest spots during the quarter was canada goose black friday sale its Transportation Systems unit, which saw profit canada goose clearance sale jump 39 percent, helped largely by demand for turbochargers, devices that cheap canada goose uk boost an engine torque.
While the unit is Honeywell smallest, executives see it as one of the fastest growing. Indeed, in a revised forecast announced on Thursday, Honeywell cut its 2014 margin Canada Goose online outlook for its three other units, but raised the margin outlook for the Transportation Systems unit.
The company posted first quarter net income of $1.02 billion, or $1.28 per share, compared with $966 million, or $1.23 per Canada jacketstock Goose Online share, in the year ago quarter.
By that measure, buy canada goose jacket cheap analysts expected earnings of $1.26 per share, Canada Goose sale according to Thomson Reuters I/B/E/S.
Net sales rose 4 percent to $9.68 billion, missing the $9.74 canada goose clearance billion estimate from Wall Street.
Honeywell last month set a target to boost annual canada goose uk black friday sales to more than $50 canada goose coats on sale billion by 2018 and to uk canada goose outlet spend $10 billion on acquisitions. Honeywell posted $39.1 billion in sales last year.
The New Jersey based company expects high growth regions such as China to drive about half its sales growth over the next five years, with profit margins uk canada goose for its business segments increasing to between 18.5 canada goose store percent to 20 percent over that time, up canada goose uk outlet from 16.5 percent for the first quarter.
The $10 billion in canada goose outlet acquisitions targeted Canada Goose Coats On Sale by the company is more than twice as much as Honeywell spent on deals in the previous five years. Honeywell and other industrial conglomerates are eager to bolster their operations through deals but may hesitate due to high valuations of targets.
Also on Thursday, Honeywell lifted the bottom end of its 2014 earnings forecast. The company now expects to earn $5.40 to $5.55 per share this year, where canada goose factory sale previously the bottom end of that range had been $5.35 per share.
Wall Street expects the buy canada goose jacket company to earn $5.54 per share this year.
Honeywell this month elevated two executives to the newly created position of Canada Goose Parka vice chairman, with each of them taking responsibility Canada Goose Jackets for aspects of the five year financial plan.
Shares of Honeywell canada goose rose slightly to $93.51 in premarket trading. (Reporting by Ernest Scheyder and Lewis Krauskopf; Editing by James Dalgleish).