Honeywell raises full-year profit forecast betting on air travel recovery

div classBodysc17zpet90 cdBBJodivpReuters Honeywell International Inc raised its fullyear profit forecast on Friday, as a recovery in aviation markets due to a pickup in travel boosted demand for the companys parts, software and aftermarket services.p

pBooming air travel demand has forced legacy aircraft makers such as Boeing Co and Airbus SE to increase production leading to higher orders for parts makers such as Honeywell. pdivdivdiv classBodysc17zpet90 cdBBJodiv

pThe company now expects fullyear 2022 adjusted profit per share of between 8.50 and 8.80, higher than its previous forecast range of 8.40 to 8.70.p

pSales in the companys highmargin aerospace unit, which makes parts such as aircraft engines and navigation radios, rose 4.4 to 2.75 billion.p

pHowever, net income fell to 1.13 billion, or 1.64 per share, in the quarter ended March 31, from 1.43 billion or 2.03 per share, a year earlier.p

pTotal firstquarter sales fell about 1 to 8.38 billion