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Honeywell posts record 1Q
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April 13, 2000: 7:42 a.m. ET
Aerospace parts maker beats estimates by a penny on improved productivity
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NEW YORK (CNNfn) - Systems control and aerospace parts company Honeywell International Inc. Thursday posted record first-quarter earnings that narrowly exceeded analysts' expectations.
The Morristown, N.J.-based company said profit jumped to $506 million, or 63 cents per share, during the quarter, up from the $440 million, or 55 cents per share it earned a year earlier.
Analysts polled by research firm First Call Corp. projected the company would earn 62 cents per share.
Honeywell attributed its gains to improved productivity and double-digit sales growth in its turbocharger, regional aviation and electronic materials businesses.
Overall revenue for the quarter jumped 8.3 percent to $6.04 billion despite only marginal sales growth in its largest division, Aerospace Solutions.
Company Chairman and Chief Executive Michael Bonsignore said Honeywell is on target to meet its goal of achieving $250 million in first-year cost savings from last year's $13.8 billion merger of Honeywell and AlliedSignal Inc.
Honeywell (HON: Research, Estimates) shares shed 3-3/16 to close at 52-7/8 in trading Wednesday. 
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Honeywell
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