Honeywell International Inc. (HON - Free Report) inked a fresh three-year contract with Asia Pacific’s biggest business aviation operator — Deer Jet — in a bid to extend the latter’s aircraft protection plan.
Per the deal, Deer Jet will enroll nine aircrafts into Honeywell Mechanical Protection Plan (MPP) and additional 12 aircrafts in Honeywell Avionics Protection Plan (HAPP).
Honeywell’s premium protection and maintenance service program, HAAP, offers cost effective and speedy avionics assistance to general, as well as business aviation operators. The program helps evade unforeseen maintenance costs and keeps fleets flight-ready and optimized. HAPP protects aircrafts of more than 3,000 operators globally, at present.
Under the MPP and HAPP plans, Honeywell has been providing aircraft protection services to Deer Jet, since 2015. These reliable and cost-effective programs have helped Deer Jet save approximately $1 million of fleet maintenance expenses, so far.
On a month-to-date basis, shares of this Zacks Rank #3 (Hold) company rallied 2.9%, outperforming 0.2% growth recorded by the industry.
Amid headwinds like material price inflation, the company is poised to grow on the back its diversified product portfolio and increased free cash-flow generation.
In addition to the aforementioned deal, Honeywell recently announced that its UOP Russell business will provide a high-recovery cryogenic gas producing plant to Houston-based midstream company — Caprock Midstream, LLC. The plant will be included in the latter’s West Texas Pecos Bend facility.
The new plant will be capable of extracting 100% of heavier hydrocarbons and propane, and 99% of ethane from the Permian basin.
Furthermore, Caprock Midstream will use Honeywell’s Process Insight Reliability Advisor at its facility.
Stocks to Consider
Some better-ranked stocks in the same space are listed below:
Bunzl PLC (BZLFY - Free Report) carries a Zacks Rank #2 (Buy). The company’s earnings per share (EPS) are projected to grow 2% in the next three to five years. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Danaher Corporation (DHR - Free Report) also holds a Zacks Rank #2. The company’s EPS is estimated to rise 12%, over the next three to five years.
Raven Industries, Inc. has a Zacks Rank of 2. The company’s EPS is predicted to be up 10% during the same time frame.
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