Honeywell said sales in its Performance Materials and Technologies division rose 5% in the first quarter of 2019 on an organic basis. This was because of broad-based growth in automation projects and maintenance and migration services in Process Solutions. There was also continued demand for fluorine products.
The business unit's profitability margin increased by 1.4% to 21.9% because of higher sales volumes.
Across the company first quarter sales were down 14.5% because Honeywell is spinning off its transportation systems business. This formerly sat in its aerospace division. The company is also spinning off its homes and ADI global distribution business. This formerly sat in the building technologies division. Unfavourable currency translation effects also hit the numbers.
'Our investments in new product development and commercial excellence are delivering results, while positioning the company for short- and long-term success,' Darius Adamczyk, Honeywell CEO, said.
|Honeywell Q1 2019 numbers ($m)
|Performance Materials and Technologies