HON Honeywell International Inc

By Matt Grossman

Honeywell International Inc. on Friday recorded a smaller profit and reduced revenue year over year in the latest quarter, as sales declined for the company's aerospace division during a pandemic that has disrupted air travel and aircraft manufacturing.

The Charlotte, N.C.-based software and technology company logged a third-quarter net profit of $758 million, or $1.07 a share, compared with $1.62 billion, or $2.23 a share, a year earlier.

On an adjusted basis, Honeywell's profit was $1.56 a share. Analysts polled by FactSet had forecast adjusted earnings of $1.49 a share.

The company's revenue was $7.8 billion. Analysts had been expecting revenue of $7.66 billion.

Sales for Honeywell's aerospace division, its largest, fell 25% year over year to $2.66 billion as flight hours declined during the coronavirus pandemic, the company said. Building-technologies revenue was down 8% to $1.31 billion as demand shrank and some projects were delayed, the company said.

Revenue in the safety and productivity segment rose 8% to $1.58 billion, partly due to higher sales of personal protective equipment, according to Honeywell.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

October 30, 2020 07:02 ET (11:02 GMT)

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