“Honeywell International Inc. (HON), the maker of cockpit controls and thermostats, reported first- quarter profit that rose more than analysts predicted on increased demand for energy-related services.
Net income climbed to $966 million, or $1.21 a share, compared with $823 million, or $1.04, a year earlier, the Morris Township, New Jersey-based company said today in a statement. The per-share earnings surpassed the $1.14 average of 23 analysts’ estimates compiled by Bloomberg. The company also raised the low end of its 2013 earnings target.
A surge in U.S. natural gas production and in companies building petrochemical plants is driving demand for Honeywell’s energy services. That’s making up for a decline in the company’s automobile turbocharger business, which depends on European demand for cars and trucks….”
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