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Shares of the company were up 2% at $193.3 before the bell.
Booming air travel demand has forced legacy aircraft makers such
as Boeing Co and Airbus SE to increase production leading to
higher orders for parts makers such as Honeywell.
"We see solid recovery in our key commercial aerospace and
energy end markets," Honeywell Chief Executive Darius Adamczyk
said.
The company also expects full-year 2022 adjusted profit per
share of between $8.50 and $8.80, higher than its previous
forecast range of $8.40 to $8.70.
The North Carolina-based company said earlier this month it was
exploring adding more suppliers, as part of preparations to meet
higher demand for aircraft makers.
The industrial conglomerate raised the lower end of its
full-year sales guidance to $35.5 billion to $36.4 billion from
its previous guidance range of $35.4 billion to $36.4 billion.
Defense and aerospace peer Raytheon Technologies had lowered its
full-year revenue forecast, and said earlier this week it sees
supply chain constraints across its commercial portfolio
including electronics, aluminum and titanium.
Honeywell's first-quarter adjusted net income per share of $1.91
beat analyst expectations of $1.86 per share, according to
Refinitiv data, on higher prices.
Meanwhile, first-quarter sales in the company's high-margin
aerospace unit, which makes parts such as aircraft engines and
navigation radios, rose 4.4% to $2.75 billion.
(Reporting by Shivansh Tiwary in Bengaluru; Editing by Krishna
Chandra Eluri)
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