The diversified maker of electronic equipment and aircraft parts, Honeywell International Inc, posted a profit for the third quarter that was better than had been expected helped in part by higher margins in its aerospace business.
Honeywell also increased its low end of its forecast range for the full year for both revenue and profit. It said it was actively looking for new acquisitions after increasing its ability to both evaluate as well as fund deals that range in size.
The potential deals available are strong or stronger than at any time previously said CFO and senior vice president Tom Szlosek during a recent interview.
Honeywell, based in Morristown, New Jersey laid out in March a new financial plan that projected expenditures of $10 billion over a period of five years on acquisitions.
Szlosek said deals have yet to be complete, but that is not to say the company is not reviewing portfolios in each of its three businesses.
Its largest business, aerospace saw margins increase from 18.8% from last year to 20.3% during the quarter that ended September 30.
Honeywell has performed well in 2014 despite a global economy that has remained sluggish. Its success is due to focusing on controlling its costs.
Honeywell in July merged its division of transportation with its aerospace segment in order to take full advantage of the units’ similarities.
David Cote the CEO at Honeywell said in 2015 the company is planning to show more growth and expects to continue its strong growth in earnings.
Honeywell is now expecting sales for 2015 to reach between $40.3 billion and $40.4 billion in comparison to its forecast done previously of between $40.2 billion and $40.4 billion.
Earnings for the full year were forecasted at a minimum of $5.50 a share, which increased from its projection previously of a minimum of $5.45 a share.
Net income directly attributable to Honeywell was up and reached $117 billion during the recently ended quarter equaling $1.47 a share. Last year during the same period, income was $990 million equal to $1.24 a share.