First-Quarter Earnings Surge
MINNEAPOLIS (AP) _ Honeywell Inc. said Tuesday that first-quarter earnings from continuing operations increased 63.5 percent, in part because of strong performances by its industrial and commercial flight systems divisions.
Honeywell said net income rose to $83.4 million, or $2.12 per share, in the three months ended April 1 from $51 million, or $1.18 per share, in the 1989 first quarter.
The earnings include an after-tax gain of $18.1 million, or 46 cents per share, from the sale of Yamatake-Honeywell shares, the company said in a statement.
Earnings from discontinued operations totaled $6.7 million, or 17 cents per share, compared with $11.9 million, or 28 cents per share, in the first quarter of last year.
Worldwide sales from continuing operations were $1.53 billion, up from $1.43 billion in the first quarter of 1989.
Honeywell is provides products, systems and services for homes and buildings, industry, and aviation and space. The company had total 1989 sales of $6.1 billion.
Honeywell said total company orders in first-quarter were flat. Excluding results from businesses sold in 1989, orders increased 4 percent.