Honeywell profit beats; shares hit record high
By Ankit Ajmera
(Reuters) - Honeywell International Inc (HON.N: Quote) said on Friday its commercial aviation after-sales business was benefiting from robust air travel, while its energy division was getting a lift from stable oil prices, sending shares to a record high.
The diversified U.S. manufacturer's shares rose as much as 3.6 percent to $128.30 in afternoon trading.
Honeywell, which made an unsuccessful bid for rival United Technologies Inc (UTX.N: Quote) last year, also said it had an active pipeline for M&As across its portfolio of businesses, but remained cautious about getting into expensive deals.
Mechanical components for aircraft is a sector, among others, Honeywell could be interested from an acquisition perspective, CFO Thomas Szlosek told Reuters.
"There's a number of mechanical things on the airplane that we'd be attracted to," as connectivity on and with an aircraft continues to evolve, he said.
Honeywell already has a portfolio of antennas, routers and other technologies that enhance wireless connectivity onboard an airplane.
The company also provides aerospace products including auxiliary power units and engines for aircraft made by Bombardier Inc (BBDb.TO: Quote), Textron Inc (TXT.N: Quote) and General Dynamics Corp (GD.N: Quote).