As the global economy went into freefall at the end of September, Honeywell International closed out its third quarter with 6% sales growth, held aloft largely by its Automation and Control Solutions business.
Executives at the diversified technology and manufacturing automation supplier, in their second-quarter report, had called for a 10% increase in third-quarter sales, even as the economy was starting to fray. The 6% top-line growth is down from the double-digit revenue growth that Honeywell had seen in the first half of the year.
On a conference call with analysts this morning, however, executives were sanguine about the company’s performance and ability to weather the storms ahead. “We are confident we can continue to outperform the market despite tougher global economic conditions,” Chairman and CEO Dave Cote said, terming the latest reporting period “another strong quarter.” He pointed to the company’s diversified portfolio of technologies, markets, geographies, and short-cycle/long-cycle types of business.
For the three months ended Sept. 30, Honeywell posted $9.3 billion in sales, up from $8.7 billion. Net earnings were $719 million, up more than 16% from $618 million a year earlier.