By Dave Sebastian 

Honeywell International Inc. said its profit dropped in the fourth quarter as sales fell at the slimmed-down company

The industrial conglomerate 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 the spinoffs of its homes and global-distribution businesses 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% by 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.

The company expects earnings of $8.60 a share to $9 a share for 2020, up 5% to 10% on an adjusted basis. It sees sales of $36.7 billion to $37.8 billion for the full year, reflecting a growth of flat to 3% on an organic basis.

The company has said it wasn't hurt significantly by the continued grounding of Boeing Co.'s 737 MAX jets and didn't expect any effects for 2019.

Amid the coronavirus outbreak that has spurred a health crisis, Honeywell said it has limited travel to areas affected by the virus.

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

 

(END) Dow Jones Newswires

January 31, 2020 07:23 ET (12:23 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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