Honeywell International In. (HON) released first-quarter earnings recently, reporting an EPS of $1.92 per share, beating market estimates of $1.80 per share. Net income dropped nearly 10% to $1.43 billion in the quarter. The company now expects full-year sales to be between $34 billion and $34.8 billion, up from its prior forecast of $33.4 billion to $34.4 billion. A boom in online shopping during the pandemic had boosted sales of its warehouse automation unit.
Honeywell raised supply constraints issues in the second quarter citing a shortage of semiconductors. Sales of Honeywell’s safety and productivity solutions business increased 49%, assisting the company to top profit and revenue estimates. Honeywell who manufactures aircraft parts for Boeing Co and Canada’s Bombardier Inc witnessed and suffered from revenue decline after the COVID-19 pandemic brought air travel to a standstill.
Amid rising infection rates and the low holiday, travel rate led to fewer flight hours and hitting the company’s air transport aftermarket sales, which dropped 48% from last year.
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