HON Honeywell International Inc

By Dave Sebastian

Honeywell International Inc. (HON) said its profit dropped for the fourth quarter as sales fell on the impact of spinoffs, though adjusted earnings beat expectations.

The industrial conglomerate, with products as diverse as rubber boots and water-processing systems, on Friday posted net income of $1.56 billion, or $2.16 a share, compared with $1.72 billion, or $2.31 a share, in the comparable quarter last year.

Adjusted earnings were $2.06 a share. Analysts polled by FactSet were expecting adjusted earnings of $2.04 a share.

Sales fell 2.4% to $9.5 billion from the same period last year as it accounted for spinoffs in 2018. Analysts were looking for $9.61 billion.

The Charlotte, N.C., company's organic sales, which excludes currency fluctuations and the effect of deals, rose 2%. Sales in the company's aerospace business rose 7% on the same measure.

The aerospace business, Honeywell's largest unit by sales, generated $3.66 billion in sales, compared with $3.43 billion in the prior year. The company produces a range of aerospace systems and technology, from electric power systems to engine controls.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

January 31, 2020 07:02 ET (12:02 GMT)

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