Shares of Honeywell International Inc. surged 1.9% in premarket trade Thursday, after the aerospace, building technologies and materials company reported first-quarter earnings and sales that beat expectations, and raised its full-year outlook. Net income was $1.42 billion, or $1.92 a share, compared with $1.44 billion, or $1.89 a share, in the same period a year ago. Excluding non-recurring items and spinoffs, adjusted EPS rose to $1.92 from $1.70, beating the FactSet consensus of $1.83. Sales fell to $8.88 billion from $10.39 billion, but was above the FactSet consensus of $8.63 billion. Within business segments, aerospace sales fell 16% to $3.34 billion, but beat the FactSet consensus of $3.24 billion. Building technologies and safety and productivity solutions also topped expectations while performance materials and technologies sales matched. For 2019, the company raised its EPS outlook to $7.90 to $8.15 from $7.80 to $8.10 and its sales guidance to $36.5 billion to $37.2 billion from $36.0 billion to $36.9 billion. The stock has rallied 24% year to date through Wednesday while the Dow Jones Industrial Average has gained 13%.
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