© Reuters. FILE PHOTO: An aircraft engine is being tested at Honeywell Aerospace in Phoenix, Arizona, U.S. on September 6, 2016. REUTERS/Alwyn Scott/File Photo
(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 (NYSE:) Co and Airbus SE (OTC:) to increase production leading to higher orders for parts makers such as Honeywell (NASDAQ:).
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.
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