Reuters

(Reuters)

Honeywell profit rises 24.9 pct as costs fall

Markets Reuters

Honeywell International Inc, a U.S. manufacturer of aerospace parts and climate control systems, reported a 24.9 percent rise in quarterly profit, helped by lower costs.

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The company's expenses fell about 8.6 percent to $6.92 billion in the fourth quarter ended Dec. 31, lifting operating income margins to 17.4 percent from 12.1 percent.

Honeywell, which counts Boeing Co and Bombardier Inc among its customers, has cut jobs and sold or merged businesses to reduce costs.

Net income attributable to Honeywell rose to $1.19 billion, or $1.53 per share, in the quarter from $956 million, or $1.20 per share, a year earlier.

Excluding items, earnings were $1.58 per share.

Revenue fell 2.8 percent to $9.98 billion.

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The results were in line with analysts' estimates.

Honeywell reaffirmed its full-year earnings of $6.45-$6.70 per share.

Analysts on average were expecting earnings of $6.57 per share, according to Thomson Reuters I/B/E/S. (Reporting by Arunima Banerjee in Bengaluru; Editing by Maju Samuel and Sriraj Kalluvila)