Honeywell International Inc. raised the lower end of its full-year guidance for adjusted EPS as it reported third-quarter earnings that exceeded analysts' estimates.
The company now expects to earn between $8.10 per share and $8.15 per share in 2019 on an adjusted basis, compared with a range of $7.95 per share to $8.15 per share in its previous guidance.
In the third quarter, net income attributable to Honeywell fell to $1.62 billion, or $2.23 per share, from $2.34 billion, or $3.11 per share, in the year-earlier period.
Adjusted EPS, excluding the impact of spinoffs in 2018, rose 9% year over year in the third quarter to $2.08 from $1.90.
The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was $2.01.
Third-quarter sales fell 16% year over year to $9.09 billion from $10.76 billion due to the impact of spinoffs. Sales in the building technologies segment plunged 44% and sales in the aerospace segment dropped 12%.
Honeywell lowered the top end of its full-year revenue guidance to $36.9 billion from $37.2 billion and affirmed the lower end at $36.7 billion.
Honeywell's operating income margin widened to 19.3% in the third quarter from 15.6% in the year-earlier period. The segment margin increased to 21.2% from 19.4%.
Shares of Honeywell were up by more than 3% shortly before 3 p.m. ET.