MORRIS TOWNSHIP, N.J. — Honeywell (NYSE: HON) on Friday announced its results for the third quarter of 2014, showing healthy growth in almost all segments.
Honeywell's third quarter earnings rose 18 percent, pushing profit to $1.17 billion, up from $990 million last year. Total sales rose 4.8 percent to $10.11 billion, beating a Reuters poll forecast of $10.04 billion.
The company's biggest gains were in the automation and control-systems business, which rose 9 percent to $3.67 billion. Performance materials and technologies increased 7 percent, while aerospace sales were relatively flat. Transportation system sales fell 10 percent.
Due to the positive gains for the quarter, Honeywell raised its lower end of its year-end sales guidence 3 to 4 percent, projecting figures of $40.3 to $40.4 billion.
"Organic sales growth and a double-digit earnings increase highlighted Honeywell's strong third quarter," Honeywell Chairman and CEO Dave Cote said. "The continued integration and maturation of the Honeywell Operating System throughout our global portfolio is helping to drive sales, margin, earnings, and cash flow higher, and plenty of runway remains. We are committed to our ongoing seed planting investments to bolster our great positions in good industries and continuous process improvements to mitigate ongoing global macroeconomic uncertainties."
