Morris Township, New Jersey -- Honeywell’s performance materials technology segment achieved a 2% hike in sales during the first quarter of 2014 compared to the first quarter of 2013 according to the company’s financial report.
Sales within the segment increased from US$1.71bn (EUR1.23bn) during Q1 2013 to US$1.75bn in the quarter prior to March 31. The company’s chief financial officer and senior vp Tom Szlosek described the increase as “in line with expectations” during last week’s conference call.
At $374m, the profit of the performance materials and technology segment during the first quarter of 2014 was reported as 3% higher than the first quarter of 2013.
Advanced materials – which includes the firm’s coating and catalyst products - sales were down 4%. However, Szlosek said sales volumes had increased across the advanced materials portfolio but added that the “unfavourable pricing” of resins and chemicals had failed to offset the loss.
He said the second quarter was expected to yield a growth rate of between 3% and 5% on last year’s performance materials and technology figures and a “broad sales growth" across the company’s advanced materials portfolio.
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