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BUSINESS NEWS

July 22, 2017 by

Web Page sponsored by Odyssey Corporate Finance

Contact: Tom McCarthy, Director, Odyssey Corporate Finance
M: 07867 459 600
D: 0121 503 2375
E: tom@odysseycf.com
www.odysseycf.com
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21 Jul 17. Honeywell beats profit estimates, lifts full-year forecasts. Honeywell International Inc reported a better-than-expected quarterly profit, as sales in its aerospace unit and the business that caters to the energy industry were not as bad as it had feared.
The company’s shares rose as much as 1.8 percent to a record high of $137.37. Sales in Honeywell’s aerospace business, which activist investor Daniel Loeb wants to be spun off, fell about 3 percent to $3.67bn in the second quarter ended June 30, but the drop was much smaller than the company’s forecast of 5 to 7 percent. The unit, which makes jet engines and provides spare parts, repair, overhaul and maintenance services, benefited from strength in its commercial aviation after-sales business and growth in U.S. defense volumes, the company said. Honeywell is reviewing Loeb’s demand and the company is expected to announce a decision by early fall. Loeb, who runs hedge fund Third Point LLC, has said a spin off could create more than $20bn in shareholder value. Meanwhile, Honeywell said it was looking to scale up its smaller businesses.The company may look at M&A opportunities to boost its performance materials and technologies (PMT) business and safety and productivity solutions (SPS) unit, Chief Financial Officer Thomas Szlosek told Reuters. “Our most prominent (M&A) opportunities are in PMT and in safety and productivity solutions.” Szlosek said the recent Intelligrated deal could be a platform to embark on a whole new path of M&A around the supply chain, logistics and freight management. The company acquired Intelligrated Inc, which installs automated material handling equipment in fulfillment centers and warehouses that serve online retailers, for $1.5bn. Sales in Honeywell’s PMT unit, which makes catalysts and adsorbents used for petroleum refining, dropped about 8 percent to $2.24bn in the quarter. Honeywell had forecast a decline of 10 percent to 12 percent. The unit benefited from higher sales of Solstice low global-warming potential refrigerant products. Honeywell also raised the low end of its 2017 earnings per share forecast by 10 cents to $7.00, keeping the high end unchanged at $7.10. It now expects sales of $39.3bn to $40bn, up from its previous forecast of $38.6 bn to $39.5bn. Net income attributable to Honeywell increased 5.5 percent to $1.39bn, or $1.80 per share, above expectations of $1.78 per share. Revenue rose about 1 percent to $10.08bn, topping expectations of $9.89bn. (Source: Yahoo!/Reuters)

20 Jul 17. Battelle Repositions U.S. Based Subsidiary of SeeByte. Battelle subsidiary SeeByte has achieved a leadership position in the development of smart software for underwater vehicles, sensors and systems for both the military and oil and gas sectors. Battelle is now modifying the structure of SeeByte to transfer control of U.S. subsidiary SeeByte Inc. based in San Diego, California, directly to Battelle. This removes from SeeByte Inc. any issues associated with foreign ownership, influence or control, and will further open avenues to conduct business with U.S. government customers. To further that aim, SeeByte, Inc. has opened an office in the Boston, Massachusetts area, which will provide direct support to existing and emerging customers. The technical lead at the new Boston office will be Chris Sotzing, an experienced engineering manager and native of Greenwich, Connecticut.
“We’re really responding to the market need,” said Fred Byus, RDML, USN (Ret.) who is vice president and general manager of Battelle’s Mission and Defense Technologies business. “Under the new alignment we’re responding to our customer requests that we provide more opportunity to work with SeeByte’s techn

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