Honeywell reports strong profit growth in 3Q2010, raises guidance

Honeywell revenue up 9% - financial highlights for the three months ended 30-Sep-2010:

• Revenue: USD8,392 million, +9.0% year-on-year;
  • Aerospace: USD2,704 million, +3.1%;
  • Automation and control solutions: USD3,474 million, +9.0%;
  • Specialty materials: USD1,175 million, +15.8%;
  • Transportation systems: USD1,039 million, +18.7%;
• Segment profit: USD1,192 million, +12.5%;
  • Aerospace: USD458 million, +0.7%;
  • Automation and control solutions: USD471 million, +9.3%;
  • Specialty materials: USD194 million, +25.2%;
  • Transportation systems: USD122 million, +96.8%;
• Net profit: USD497 million, -19.7%;
• Total assets: USD38,119 million, +5.9% when compared with the period ended 31-Dec-2009;
• Cash and cash equivalents: USD2,640 million, -5.7% when compared with the period ended 31-Dec-2009;
• Total liabilities: USD27,653 million, +2.2% when compared with the period ended 31-Dec-2009. [more]

Honeywell: "We're in the early stages of planning for 2011 and we believe we are well positioned for growth given our focus on new products and services, geographic expansion, and the improvement we're seeing in many of our major end markets. Honeywell now forecasts 2010 sales of approximately USD33 billion and earnings of approximately USD2.52 per share on a reported basis (USD3.26, excluding non-cash pension expense), both now above the high-end of the previous guidance range. The company also forecasts 2010 free cash flow, above the high-end of its prior guidance, of approximately USD3.5 billion, which includes a planned fourth quarter USD600 million cash pension contribution (cash flow from operations of approximately USD4.1 billion)," Dave Cote, Chairman and CEO. Source: Honeywell, 22-Oct-2010.