Honeywell is off to a good start in its fiscal year, reporting organic growth across most of its business segments and enough of a bump in sales to increase its sales outlook for the year.
For the first quarter, ended March 31, 2010, Honeywell’s total sales were up 3% to $7.8 billion from $7.6 billion in the like period in 2009. Earnings were $0.50 per share vs. $0.54 in the prior-year quarter.
In addition, Honeywell increased its cash flow from operations to $743 million from $341 million in same quarter last year. Free cash flow (cash flow from operations less capital expenditures) was up 190% to $673 million, from $232 million last year, the company said.
“Honeywell’s first-quarter performance reflects better-than-expected improvements in many of our end markets, coupled with strong commercial execution and disciplined cost controls,” said Chairman and CEO Dave Cote, in a statement. Cote attributed the unexpected performance to organic growth in short-cycle businesses, such as turbochargers and general industrial products.