Honeywell 1Q Revenue Flat as Aerospace Sales Decline
By Matt Grossman
Honeywell International Inc. on Friday posted roughly flat
revenue and a smaller profit for the first quarter, as a decline in
sales in its aerospace segment was countered by strength in the
company's safety and productivity segment.
The Charlotte, N.C.-based company, which makes software and
components for aerospace and other industries, logged first-quarter
earnings of $2.03 a share, compared with $2.21 a share a year
earlier. The total net income attributable to the company was $1.43
billion, compared with $1.58 billion, it said.
On an adjusted basis, Honeywell's adjusted earnings were $1.92 a
share. Analysts surveyed by FactSet had forecast an adjusted profit
of $1.80 a share.
Revenue ticked down slightly to $8.45 billion, from $8.46
billion a year earlier, it said. Analysts had been expecting
revenue of $8.08 billion.
Aerospace sales fell to $2.63 billion from $3.36 billion, and
performance materials and technologies sales were lower at $2.35
billion, compared with $2.4 billion a year earlier.
Building-technologies sales climbed to $1.36 billion from $1.28
billion, and safety and productivity sales rose to $2.12 billion
from $1.42 billion.
The decline in the aviation industry during the Covid-19
pandemic took aerospace sales lower, Honeywell said. Sales of
warehouse and workflow solutions, as well as personal protective
equipment, helped drive the growth in the safety and productivity
segment, it said.
Write to Matt Grossman at firstname.lastname@example.org
(END) Dow Jones Newswires
April 23, 2021 07:23 ET (11:23 GMT)
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