Honeywell Q2 Profits Rises 18 Percent, Raises Outlook

Morristown, NJ (AHN) - Honeywell International Inc. announced Friday that second quarter earnings rose 18 percent, topping analyst estimates by 2 cents a share.

For the second quarter ending June 30, the company had net income of $723 million or 96 cents a share, compared to $611 or 78 cents a share in the same period a year earlier.

Analysts polled by Thomson Financial expected earnings of 94 cents a share on revenue of $9 billion.

"We continue to benefit from our global reach, [with] more than 70 percent of the revenue growth in the quarter coming from outside the United States," said Chief Financial Officer David Anderson in a post-earnings call, according to MarketWatch. "All geographies experienced organic growth in the quarter with Asia and the Middle East continuing to lead the way," he added.

Honeywell raised its 2008 full year earnings forecast to a range of $3.75 to $3.85 a share, 5 cents higher than the original range. The company also expects a 17 percent rise in third quarter earnings to 95 cents a share.

During the second quarter, Honeywell's automation and control unit provided the most strength, posting 19 percent growth.

The company said sales in its aerospace division rose 8 percent with solid demand coming from foreign markets as the U.S. market remains challenging.

Shares of Honeywell (HON) are 0.4 percent lower to $50.65 in Friday trading.