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 [e-mail]

(END) Dow Jones Newswires

April 23, 2021 07:23 ET (11:23 GMT)

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