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Monday, July 22, 2013

Honeywell Experienced Commercial Aerospace Growth in Second Quarter

Honeywell reported its second quarter earnings last week, with a 1 percent decline in sales to $2.9 billion for its aerospace business.
 
In a statement, Honeywell attributed the overall aerospace sales decline to an 8 percent decline in sales of its defense and space products.
 
However, the company managed to post a better performance in the commercial aerospace segment.  Sales of products to commercial airframe manufacturers increased by 8 percent during the second quarter, and sales of commercial aftermarket products also increased by 3 percent, "driven by continued strong OE build rates and favorable platform mix," the company said.
 
"Our long-cycle businesses, including commercial aerospace, process Solutions, and UOP, also continue to perform well, benefitting from favorable macro-trends, winning new contracts, and maintaining a strong backlog, which currently stands at $15.5B," said Dave Cote, CEO and chairman of Honeywell. 
 
Cote said the company will remain "flexible given the continued uncertain global economic outlook," and will raise its low-end 2013 earnings guidance by $0.05. 
 

Previewing the third quarter, Honeywell expects defense and space sales to continue to decline, while also predicting modest growth with its commercial aircraft aftermarket products.

 

Related: Commercial Avionics News 

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