Honeywell 2Q Net Income Up 4 Percent

MORRISTOWN, N.J. (AP) -- Honeywell International Inc. says its second-quarter net income increased 4 percent on a jump in sales of its transportation systems and specialty materials.

Its results beat Wall Street estimates and it boosted its earnings forecast for the year.

Its shares are up 10 percent to $43.10 in pre-market trading.

Chairman and CEO Dave Cote says "we believe the recovery is happening."

Honeywell says net income rose to $468 million, or 60 cents per share, for April-June period, up from $450 million, or 60 cents per share, a year ago.

Revenue rose 8 percent to $8.2 billion.

Analysts had expected lower earnings of 57 cents per share on revenue of $8 billion.

The company expects 2010 earnings in the range of $2.40 to $2.50 a share. Analysts expected $2.48 a share.

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