The company, which makes cockpit electronics and systems to manage the security of large buildings, now expects to earn at least $4.80 per share in 2013, above its prior forecast of at least $4.75. It maintained the top end of its forecast at $4.95.

Honeywell, based in Morris Township, New Jersey, has been trying to boost productivity across its four divisions and is consolidating its businesses in a slow-growth economy.

First-quarter revenue was flat at $9.33 billion. Gross margins, however, rose to 16.2 percent from 15.2 a year earlier.

Net income attributable to the company rose to $966 million, or $1.21 per share, in the quarter ended March, from $823 million, or $1.04 per share, a year earlier.

Analysts on average expected earnings of $1.14 per share on revenue of $9.44 billion, according to Thomson Reuters I/B/E/S.

Honeywell shares have gained more than 20 percent in the last 12 months and have outperformed the wider S&P 500 index, which has risen about 11 percent.

The company's shares closed at $71.47 on the New York Stock Exchange on Thursday. They were indicated up 1 percent before the bell on Friday.