Industry peer Textron ( NYS: TXT ) also generated 15% higher revenue in its first quarter compared with last year, boosted by increased demand for its Citation business jets. Honeywell's quarterly show had other bright spots as well. Its chemical and fiber business, or "Performance Materials and Technologies" division, as Honeywell calls it, recorded a whopping 19% growth in sales, spurred by strong demand for catalysts and absorbents from the refining and petrochemical industries. Further, new orders, increased volumes, licensing sales, and an acquisition boosted this part of the company's business considerably. Perhaps the sole disappointment for Honeywell was the performance of its "Automation and Control Solutions" division, which recorded a meager 3.6% rise in revenue from the company's prior-year quarter, as its short cycle operations recorded a slowdown. The Foolish bottom line Honeywell has raised its annual earnings outlook to between $4.35 and $4.55 a share.