Picture: 123RF/JOSEF KUBES
Picture: 123RF/JOSEF KUBES

Bengaluru — Honeywell International  on Thursday reported a better-than-expected quarterly earnings and raised its full-year sales and profit forecasts, riding on higher demand for aircraft parts and spares, sending its shares up 1%.

In the second quarter, sales in its aerospace unit, the company’s biggest business, rose 11%, excluding the impact of foreign exchange and other items.

The unit provides repair and overhaul services to airlines and makes auxiliary power units, aircraft navigation equipment, wheels and brakes for Boeing   and Airbus  aircraft.

Honeywell raised the low end of its full-year earnings per share forecast range by 5c  to $7.95, while keeping the top end unchanged at $8.15.

The company also raised the bottom end of its 2019 sales outlook by $200m  to $36.7bn, while reaffirming the higher end at $37.2bn.

Net income attributable to Honeywell rose 21.6% to $1.54bn, or $2.10 per share, in the quarter ended June 30.

Revenue fell about 15% to $9.24bn due to certain divestitures, and was below analysts’ expectation of $9.35bn.

Reuters