Earnings rose for Honeywell in the 1st quarter of 2023, which the aerospace and defense contractor, leading trans at five Department of Energy nuclear sites attributed mostly to a growth in commercial aviation.
The company generated $1.4 billion in net income in the first quarter, about $300 million better than the first quarter of 2022, according to earnings documentation released on Thursday. Honeywell’s first-quarter earnings per share was $2.07, up 26% year over year, or up 8% adjusted year over year.
Company wide revenue was $8.9 billion in the quarter, up $500 million, or 6% from a year ago.
Aerospace sales for the first quarter were just over $3 billion, up 14% year over year led by commercial aviation, according to Honeywell. Commercial aviation aftermarket sales grew over 20%, supported by continued flight hour recovery in air transport. Defense and space sales returned to growth in the first quarter but the segment margin contracted 80 basis points to 26.6%, driven by higher sales of lower margin products partially offset by “commercial excellence,” the company said in a statement.
Honeywell manages five Department of Energy sites, including Sandia National Laboratories in New Mexico, the Savannah River Site in South Carolina, and the Kansas City and Nevada national security campuses.