Honeywell International Inc., a maker of aircraft cockpit parts and other electronic equipment, raised the lower end of its 2014 profit forecast range and reported better-than-expected quarterly profit, helped by higher sales of turbochargers.
New fuel-efficiency regulations in Europe, China and the United States have boosted demand for turbochargers, as automakers aim to get more power out of engines using less fuel.
Honeywell lifted the lower end of its 2014 profit forecast range to $5.45 per share from $5.40. It maintained the top end at $5.55.
The company adjusted its full-year revenue forecast to reflect the sale in July of its Friction Materials unit, which makes disc brake pads and braking system components.
Honeywell said profit at its transportation systems unit, which makes turbochargers, jumped 33 percent in the second quarter ended June 30.
Net income attributable to Honeywell rose to $1.10 billion, or $1.38 per share, from $1.02 billion, or $1.28 per share, a year earlier.
Net sales rose 5.8 percent to $10.25 billion.
Analysts on average had expected earnings of $1.36 per share on revenue of $10.19 billion, according to Thomson Reuters I/B/E/S.
Honeywell's shares were up slightly at $95.59 in premarket trading after closing at $95.17 on the New York Stock Exchange on Thursday.
The stock has gained about 4 percent so far this year, trailing the S&P 500 index's 6 percent rise.
© 2023 Thomson/Reuters. All rights reserved.