Industrials
Honeywell Raises EPS Guidance Following Q2 Earnings
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Honeywell continues to post solid revenues and earnings, even after a banner year in 2013. The shares hit a new 52-week high of near $97 on Wednesday and are up nearly 15% in the past 12 months. The stock is up more than 5% year to date.
The company’s CEO said:
Honeywell had another terrific quarter and a very good first half of 2014. Strong execution across our businesses and continued momentum across the portfolio helped us to deliver stronger than expected earnings. We saw 6% sales growth and margin expansion in every business as our key growth and productivity initiatives continue to make a difference.
The company also revised its full-year guidance. Sales are now projected in a range of $40.2 billion to $40.4 billion, down from the prior range of $40.3 billion to $40.7 billion. Adjusted EPS are now forecast to rise by 10% to 12% to a new range of $5.45 to $5.55, raising the lower end of the prior range from $5.35 while maintaining the top end of the range.
Honeywell’s shares were inactive in premarket trading Friday, having closed at $95.17 previously, in a 52-week range of $78.88 to $96.76. Thomson Reuters had a consensus analyst price target of around $104.80 before the report. For what it is worth, the high price target on the stock is $121.
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