Honeywell 4Q profit slips, reaffirms guidance
(AP) — The manufacturing conglomerate Honeywell International Inc. said Friday its fourth-quarter profit slipped 1 percent on lower sales from its aerospace and automation units.
The company reaffirmed its 2010 financial guidance. Analysts expected earnings at the high end of that range.
Its shares fell 91 cents, or 2.3 percent, to $38.91 in afternoon trading.
Honeywell said its profit fell to $698 million, or 91 cents per share, in the last three months of 2009, down from $707 million, or 97 cents per share, a year earlier.
Analysts surveyed by Thomson Reuters expected, on average, earnings of 90 cents a share.
Sales fell 7 percent to $8.07 billion from $8.7 billion a year ago. Analysts expected higher sales of $8.15 billion.
Sales from the aerospace unit fell 18 percent, the company said, because of lower volumes in the commercial aerospace aftermarket and lower original equipment sales. Meanwhile, sales from the automation and control solutions unit fell 4 percent while transportation system sales rose 13 percent. Specialty material sales fell 5 percent.
For the full year, the company earned $2.15 billion, or $2.85 per share, down from profit of $2.79 billion, or $3.76 per share, in 2008. Sales fell to $30.9 billion from $36.56 billion.
Honeywell reaffirmed 2010 profit guidance between $2.20 and $2.40 per share. Analysts expect $2.40 in profit.
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