Honeywell Profit Falls With Sales Decline
January 31 2020 - 7:38AM
Dow Jones News
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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