Honeywell Beats Estimates as Revenue Surges
Honeywell International, weighed down by pension-related costs, posted a loss for the fourth quarter, but beat Wall Street expectations when one-time costs are removed.
The Morris Township, N.J., company reported Friday that it lost $310 million, or 40 cents per share, for the three months ending in December. That compares with a profit of $369 million, or 47 cents per share, in a year earlier.
Removing costs tied to pension mark-to-market adjustments, earnings were $1.05 per share, edging out analyst expectations by a penny, according to a poll by FacSet.
Revenue rose 8 percent to $9.47 billion from $8.75 billion on increased sales across all of its business segments, led by its performance materials and technologies business.
For the year, Honeywell earned $2.07 billion, or $2.61 per share. That's up 3 percent from $2.02 billion or $2.59 per share, in the previous year. Adjusted earnings were $4.05 per share.
Annual revenue climbed 13 percent to $36.53 billion from $32.35 billion.
Chairman and CEO Dave Cote said that Honeywell expects growth to moderate in the first half of 2012 but that it is confident that it can achieve enough sales to produce higher segment margins over the entire year.
Shares of Honeywell rose 16 cents to $57.99 before the market opened.
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