GKN leads strong day for aerospace stocks; Honeywell profit; UTC revises outlook
Shares in aerospace companies were generally stronger on Wednesday, in line with a general rally across stock markets globally. GKN Aerospace shares led the day, up 5.6%, while United Technologies Corp (UTC) was up 4.3% and B/E Aerospace rose 4.2%.
United Technologies Corp raised its 2011 revenue forecast from USD56 to USD57 billion, thanks to increasing demand, particularly for the PW1000G family engines at its Pratt & Whitney engine unit and Carrier air conditioning and refrigeration business. The company raised its full-year profit forecast by USD0.05 per share to up to USD5.40 per share.
Honeywell reports the following financial highlights for the three months ended Mar-2011:
- Net sales: USD8.9 billion, +14.6% year-on-year;
- Aerospace: USD2.7 billion, +7.6%;
- Income before taxes: USD975 million, +38.9%;
- Net income: USD705 million, +44.2%.
Selected aerospace supplier share price movements (% change): 20-Apr-2011