Honeywell International Inc (HON) reported quarterly earnings recently, beating estimates as cost controls and strong demand for its warehouse automation equipment partially offset declining sales in its aerospace business due to air travel halt earlier in the year hurting aero parts makers.
- Sales in the aerospace business, involved in parts for Boeing and Airbus planes, dropped about 25% to $2.66 billion.
- The company’s sale from the safety and productivity solutions unit that includes the automation equipment business, increased 8% to $1.58 billion.
- Demand for its personal protection equipment for industrial workers witnessed a rise.
- Honeywell earned $1.56 per share, beating estimates of $1.49 per share.
- Net income plunged 53% to $758 million and sales dropped 14% to $7.80 billion.
- The company expects fourth-quarter adjusted earnings per share between $1.97 and $2.02, ahead of analysts’ estimate of $1.88.
- Honeywell raised its cost savings expectation for 2020 to a range of $1.5 billion to $1.6 billion, from $1.4 billion to $1.6 billion earlier.
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