Shares of Honeywell International Inc. jumped 5.96 percent to $60.82 on Friday's afternoon trading in the New York Mercantile Exchange as the company reported its 2008 First quarter net income climbed 22 percent.
Honeywell's profit was of $643 million or 85 cents a share from a profit of $526 or 66 cents a share in the last year. Analysts forecasted 82 cents a share profit, according to a Thomson Financial survey.
We remain confident in Honeywell's outlook despite tougher global economic conditions Chief Executive Officer of Honeywell Dave Cote said.
The diverse technology and manufacturing company increased its sales 11 percent to $8.9 billion compared to $8.04 billion in 2007. Honeywell's sales of its specialty materials unit jumped 18 percent while its aerospace unit climbed 7 percent.
Honeywell said its second-quarter profit will be 92 cents to 94 cents a share totaling $9.2 billion sales, the group said on a conference call today. The average forecast for the second period estimates 93 cents and revenue of $9.1 billion, according to a Bloomberg poll.
Previously the company had forecasted its 2008 profit between $3.65 and $3.80 a share on sales ranging from $36.1 billion and $36.7 billion. However, today the company raised its 2008 profit forecast ranging from $3.70 to $3.80 a share, also expecting its sales to jump to a range of $36.8 billion to $37.4 billion.