Honeywell: raises full-year 2018 profit guidance; shares up
(CercleFinance.com) - Honeywell raised its full-year 2018 earnings guidance on Thursday, citing confidence in its markets and growth in the company's backlog, as well as an accounting change related to asbestos liabilities.
The US conglomerate said it now expects full-year 2018 adjusted EPS of between 8.10 dollars and 8.20 dollars, compared to a range of 8.05 dollars to 8.15 dollars previously.
In a statement, Honeywell said that 90% of Bendix asbestos payments are expected to be offset by future payments from Garrett and Resideo, the two new independent, publicly-traded companies that it intends to spin off by the end of 2018.
The Garrett spin off, which consists of its former transportation systems unit, is scheduled to be complete at the end of the third quarter, while the Resideo spin off - which includes its home comfort and security businesses - is scheduled to be complete by the end of the year.
The Honeywell share was up 1.2% on Thursday on Wall Street after these comments.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The US conglomerate said it now expects full-year 2018 adjusted EPS of between 8.10 dollars and 8.20 dollars, compared to a range of 8.05 dollars to 8.15 dollars previously.
In a statement, Honeywell said that 90% of Bendix asbestos payments are expected to be offset by future payments from Garrett and Resideo, the two new independent, publicly-traded companies that it intends to spin off by the end of 2018.
The Garrett spin off, which consists of its former transportation systems unit, is scheduled to be complete at the end of the third quarter, while the Resideo spin off - which includes its home comfort and security businesses - is scheduled to be complete by the end of the year.
The Honeywell share was up 1.2% on Thursday on Wall Street after these comments.
Copyright (c) 2018 CercleFinance.com. All rights reserved.