Honeywell stock heads higher after earnings as company boosts profit outlook

Shares of Honeywell International Inc. were up about 1% in premarket trading Thursday after the conglomerate housing aerospace, materials, and other businesses raised its full-year profit forecast and highlighted that its backlog gives “confidence” in the demand roadmap despite challenging economic conditions. The company reported net income of $1.55 billion, or $2.28 a share, compared with $1.26 billion, or $1.80 a share, in the year-earlier period. On an adjusted basis, Honeywell earned $2.25 a share, up from $2.02 a share a year before, while analysts tracked by FactSet were anticipating $2.16 a share. Revenue at Honeywell increased to $8.95 billion from $8.47 billion, whereas the FactSet consensus was for $8.98 billion. “Our backlog remains near record levels, closing the third quarter at $29.1 billion, up 9% year over year, and providing us with confidence in our demand expectations against an increasingly uncertain macroeconomic backdrop,” Chief Executive Darius Adamczyk said in a release. The company now expects $35.4 billion to $35.7 billion in full-year revenue, whereas its prior outlook called for $35.5 billion to $36.1 billion. The company also now anticipates $8.70 a share to $8.80 a share in adjusted full-year earnings, while it was previously calling for $8.55 a share to $8.80 a share on the metric. Shares of Honeywell have lost 11.8% over the past 12 months as the S&P 500 has declined 16%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.