Honeywell International Inc. Earnings Cheat Sheet: Third Consecutive Quarter of Profit Growth

S&P 500 (NYSE:SPY) component Honeywell International Inc. (NYSE:HON) reported net income above Wall Street’s expectations for the third quarter. Honeywell International is a technology and manufacturing company which offers aerospace products and services, control, sensing and security technologies for buildings, homes and industry, turbochargers and automotive products.

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Honeywell International Earnings Cheat Sheet for the Third Quarter

Results: Net income for the aerospace/defense products and services company rose to $862 million ($1.10 per share) vs. $598 million (76 cents per share) in the same quarter a year earlier. This marks a rise of 45% from the year earlier quarter.

Revenue: Rose 14% to $9.3 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: HON beat the mean analyst estimate of 99 cents per share. Analysts were expecting revenue of $9.26 billion.

Quoting Management: “Honeywell’s strong third quarter results are a continuation of the momentum we’ve seen across our businesses in 2011,” said Honeywell Chairman and CEO Dave Cote. “Our third quarter sales growth reflects a particularly robust Commercial Aerospace upcycle, with growth in both original equipment and aftermarket sales. It also highlights the company’s extensive innovation pipeline and increasing presence in high growth regions in all our businesses. Our long-cycle backlog continues at near record levels, with sustained strong orders growth particularly at UOP, ACS Solutions, and Commercial Aerospace. Further, our short-cycle businesses, such as Turbo Technologies, Advanced Materials, and ACS Products are performing well overall.”

Key Stats:

The company has now seen net income rise in three straight quarters. In the second quarter, net income rose 73.1% and in the first quarter, the figure rose 82.6%.

The company has now topped analyst estimates for the last four quarters. It beat the mark by 2 cents in the second quarter, by 7 cents in the first quarter, and by 71 cents in the fourth quarter of the last fiscal year.

Revenue has risen the past four quarters. Revenue increased 11.3% to $9.09 billion in the second quarter. The figure rose 14.6% in the first quarter from the year earlier and climbed 12% in the fourth quarter of the last fiscal year from the year-ago quarter.

Looking Forward: Over the past ninety days, the average estimate for the fourth quarter has fallen from $1.10 per share to $1.08, indicating that analysts are growing pessisimistic about the company’s performance next quarter. For the fiscal year, the average estimate has moved up from $3.95 a share to $3.97 over the last thirty days.

Competitors to Watch: The Boeing Company (NYSE:BA), United Technologies Corp. (NYSE:UTX), Goodrich Corporation (NYSE:GR), Esterline Tech. Corp. (NYSE:ESL), Triumph Group, Inc. (NYSE:TGI), General Electric Company (NYSE:GE), Rockwell Collins, Inc. (NYSE:COL), HEICO Corporation (NYSE:HEI), and Lockheed Martin Corp. (NYSE:LMT).

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(Source: Xignite Financials)