Honeywell International Inc. (NYSE: HON) reported first-quarter 2015 results before markets opened Friday. The conglomerate posted adjusted diluted earnings per share (EPS) of $1.41 on revenues of $9.21 billion. In the same period a year ago, the company reported EPS of $1.28 on revenues of $9.68 billion. First-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $1.39 and $9.48 billion in revenues.

Honeywell posted a 52-week high in late March and currently trades near that high. The stock is up more than 5% year to date.

On an adjusted basis sales rose 1%, even though they fell 6% on a GAAP basis due to the divestiture of the Friction Materials unit and an unfavorable foreign exchange rate.

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The company also revised its full-year guidance. Sales are now projected in a range of $39 billion to $39.6 billion, down from the prior range of $40.5 billion to $41.1 billion. Adjusted EPS is now forecast to rise by 8% to 11% to a new range of $6.00 to $6.15, raising the lower end of the prior range from $5.95 while maintaining the top end of the range. Honeywell also raised guidance on its operating income margin from a prior range of 16.7% to 17% to a new range of 17.4% to 17.7%.

The company’s CEO said:

While we are off to a strong start to 2015, we will continue to plan conservatively as the global economic environment continues to evolve, and in the first quarter we funded additional repositioning, which will continue to improve our cost position. … We’re able to raise our full-year earnings guidance and maintain our cash outlook while continuing to invest for the future in seed planting and additional repositioning because of new products and technologies, further penetration of High Growth Regions, conservative cost planning, and deployment of our key process initiatives as part of HOS Gold. We’re confident that our balanced portfolio mix of short- and long-cycle businesses is well-positioned to deliver on our 2015 commitments and our 2018 targets.

The stock continues to be a solid performer, growing its EPS along with raising its net income, even though sales are lighter. The increased guidance for profit margin was attributed to productivity gains net of inflation and higher volumes among other items.

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Honeywell’s shares were up more than 2% at $106.14 in premarket trading Friday, having closed at $103.92 Thursday, in a 52-week range of $82.89 to $106.15. Thomson Reuters had a consensus analyst price target of $113.00 before the report.

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