Honeywell Earnings Report Upbeat on Automation; Rumors of E-Mon Acquisition

Honeywell International, the multi-faceted technology conglomerate based in Morris Township, N.J., reported earnings with a distinctly enthusiastic outlook for economic recovery. The company reported a 24 percent boost in earnings on an 8 percent increase in revenues for the second quarter: $8.2 billion in sales versus $7.6 billion in Q2 2009.

“We believe the recovery is happening, with improving demand in both our short- and long-cycle businesses. However, given ongoing economic uncertainties, we remain cautious about the near-term outlook,” said Honeywell Chairman and CEO Dave Cote in the earnings report.

The company's Automation and Control Solutions business saw a 7 percent gain in sales and a 9 percent gain in profits, "primarily due to growth in all regions, general industrial recovery, growth in energy efficiency-related projects, and new product introductions, partially offset by softness in residential markets in developed regions."

The company has posted no official announcements about an acquisition of E-Mon, the manufacturer of sub-metering equipment based in Langhorne, Pa. The deal has been reported on some reliable sites -- it was posted by Greentech Media and picked up (verbatim) by The Motley Fool. Electrical Marketing is following up and will report what we learn, so stay tuned. This would be significant step for Honeywell, adding a technology that supports both smart-grid opportunities and its building-management systems.

Here's Honeywell's earnings report

UPDATE: A press release from merger/acquisition advisor Cobblestone/Harris-Williams takes credit for advising E-Mon in its acquisition by Honeywell.