Honeywell International Inc. HON recently announced that it has signed a memorandum of understanding with Jaunt Air Mobility to collaborate on urban air mobility (UAM) technologies. Honeywell's expertise in integrated avionics, navigation, flight control systems, electric propulsion and connectivity solutions will assist Jaunt Air Mobility to develop its planned electrical vertical takeoff and landing (eVTOL) aircraft. Notably, this marks the company's third partnership with an air taxi company to cater to the requirements for passenger transportation in highly inhabited urban areas safely.
The companies will develop the program statement of work, technical requirements and Definitive Agreement. Also, it will support Jaunt Air Mobility's eVTOL demonstration program. As a matter of fact, Honeywell's state of the art aircraft and manufacturing technologies along with Jaunt Air Mobility's Reduced rotor Operating Speed Aircraft (ROSA) technology and design capabilities will enable the latter to manufacture effective air vehicles.
Earlier this month, the company announced that it has entered into a deal with Volocopter to develop navigation and automatic landing systems for its vertical takeoff as well as landing aircraft. Separately, the company will work on developing avionics, navigation, radios, flight control systems and other products for Pipistrel's vertical takeoff and landing aircraft as well as electric ALICE aircraft of eViation.
At present, more than 100 companies globally are working on designing cargo and passenger aircraft to meet the requirement for on demand short distance flight.
Strength in the commercial aftermarket and sensing businesses is likely to boost Aerospace revenues. Also, the company believes that solid demand for warehouse automation, sensing and IoT businesses will drive the Safety and Productivity Solutions' revenues. Further, strong demand for commercial fire and security products, particularly in India and China is likely to drive the Building Technologies segment.
In the past three months, the Zacks Rank #2 (Buy) company's shares have gained 11.8% compared with 1.8% rise of the industry .
Moving ahead, the company expects that greater operational excellence and share buybacks will drive profitability. For 2019, the company anticipates earnings in the range of $7.90-$8.15 per share compared with previous guidance of $7.80-$8.10.
Other Key Picks
Some other top-ranked stocks from the same space are Carlisle Companies Incorporated CSL , Federal Signal Corporation FSS and United Technologies Corporation UTX . While Carlisle sports a Zacks Rank #1 (Strong Buy), Federal Signal and United Technologies carry a Zacks Rank #2. You can see the complete list of today's Zacks #1 Rank stocks here .
Carlisle outpaced estimates thrice in the preceding four quarters, the average positive earnings surprise being 19.07%.
Federal Signal surpassed estimates in each of the preceding four quarters, the average positive earnings surprise being 21.75%.
United Technologies beat estimates in each of the preceding four quarters, the average positive earnings surprise being 12.85%.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce ""the world's first trillionaires,"" but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report United Technologies Corporation (UTX): Free Stock Analysis Report Federal Signal Corporation (FSS): Free Stock Analysis Report Carlisle Companies Incorporated (CSL): Free Stock Analysis Report Honeywell International Inc. (HON): Free Stock Analysis Report To read this article on Zacks.com click here.