MORRIS TOWNSHIP, N.J.—Honeywell International Inc.'s performance materials technology segment achieved a 2 percent increase 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 $1.71 billion during the first quarter of 2013 to $1.75 billion in the quarter prior to March 31. Tom Szlosek, the company's chief financial officer and senior vice president, described the increase as “in line with expectations” during the mid-April conference call.
At $374 million, the profit of the performance materials and technology segment during the first quarter of 2014 was reported as 3 percent higher than the first quarter of 2013.
In the advanced materials unit, which includes the firm's coating and catalyst products, sales were down 4 percent. However, Szlosek said sales volumes had increased across the advanced materials portfolio but added the “unfavorable 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 3-5 percent on last year's performance materials and technology figures and a “broad sales growth” across the company's advanced materials portfolio.