Honeywell's Second-Quarter Sales, Net Profit Increase

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Researched by Industrial Info Resources (Sugar Land, Texas)--Global manufacturing and technology company Honeywell International Incorporated (NYSE:HON) (Morris Township, New Jersey) recently reported earnings for the second quarter of the 2010 fiscal year. Net sales of $8.16 billion were up 8%, while quarterly net income of $468 million was up 4% from the same period of the previous year.

"We believe the recovery is happening, with improving demand in both our short- and long-cycle businesses," said Honeywell Chairman and CEO Dave Cote in a company press release. "However, given ongoing economic uncertainties, we remain cautious about the near-term outlook."

Sales were up in three of the company's four business segments:

• Aerospace - sales down 3% to $2.65 billion, profit segment down 2% to $443 million
• Automation and Control Solutions - sales up 7% to $3.24 billion, profit segment up 16% to $401 million
• Transportation Systems - sales up 30% to $1.02 billion, profit segment up 300% to $115 million
• Specialty Materials - sales up 20% to $1.26 billion, profit segment up 43% to $214 million

The company's Specialty Materials segment saw strong gains in chemicals sales. Sales of resins and chemicals were up 27%, with sales of chlorines increasing 26% year over year and fluorines increasing 26%. Honeywell announced that General Motors (GM) (Detroit, Michigan) has signed a supply agreement with Honeywell Fluorine Products for a refrigerant that GM will use in automobile air-conditioning systems to help meet U.S. and European environmental regulations.

Seemingly following the money, Honeywell plans to produce high-purity lithium hexafluorophosphate (LiPF6) in Metropolis, Illinois. The estimated $48 million expansion is tentatively scheduled to kick off next summer and be completed in 2014. A scheduled maintenance turnaround is scheduled for the plant this fall. The $5 million turnaround will last approximately two weeks. Details of these and other projects are available in Industrial Info's North American Industrial Database.

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