(Reuters) -Honeywell International Inc raised its full-year profit forecast on Friday, as a recovery in aviation markets due to a pickup in travel boosted demand for the company’s parts, software and aftermarket services.
Booming 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.
The company now expects full-year 2022 adjusted profit per share of between $8.50 and $8.80, higher than its previous forecast range of $8.40 to $8.70.
Sales in the company’s high-margin aerospace unit, which makes parts such as aircraft engines and navigation radios, rose 4.4% to $2.75 billion.
However, 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.
Total first-quarter sales fell about 1% to $8.38 billion.
(Reporting by Shivansh Tiwary in Bengaluru; Editing by Krishna Chandra Eluri)