Honeywell results beat, raises 2018 profit forecast

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(Reuters) – U.S. industrial conglomerate Honeywell International Inc’s (HON.N) adjusted earnings narrowly beat estimates on Friday and the company raised its forecast for 2018 profit, citing lower tax rates. The net loss was $2.41 billion, or $3.18 per share, in the quarter ended Dec. 31, compared with a profit of $1.03 billion, or $1.34 per share, a year earlier. Excluding the $3.8 billion tax provision, Honeywell earned $1.85 per share in the quarter, compared with expectations of $1.84. The company’s revenue rose 8.6 percent to $10.84 billion, topping estimates of $10.75 billion. Honeywell, which makes everything from jet engines to thermostats, said it now expects 2018 earnings in the range of $7.75 to $8.00 per share, compared with $7.55 to $7.80 per share previously. Shares of the company were little changed in premarket trading. Reporting by Ankit Ajmera in Bengaluru; Editing by Anil D’SilvaOur Standards:The Thomson Reuters Trust Principles.
Source: Reuters