Honeywell Q1 2016 Earnings Review: Company Beats Earnings Consensus; Revises Guidance
Honeywell (NYSE: HON) beat the consensus earnings estimate of $1.50 this quarter, raking in three cents better at $1.53. All segments except Performance Materials and Technologies recorded growth in revenues and earnings. The Aerospace segment was driven primarily by strong shipments, increased overhaul and repairing activities The segment was further benefited by new product launches and an increased worldwide turbo penetration rate. The Automation and Control Solutions segment grew mostly due to an improving business conditions for the Energy, Safety & Security (‘ESS’), Building Solutions & Distribution (‘BSD’) segment.
On the other hand, the Performance Materials and Technologies segment was hit hard by the adverse impact of foreign exchange and raw materials pricing in Resins & Chemicals. Furthermore, weaker equipment, catalyst and UOP gas processing sales weighed heavily sales in the quarter.
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