WASHINGTON: Honeywell International Inc. posted an organic revenue decline and a smaller profit in its latest quarter as expenses rose. Looking ahead, Honeywell said it sees improving construction indicators, a rising defense and space backlog and improving sentiment in the oil and gas sector. Energy prices stabilized last year after two years of losses. Still, the company said the business-jet market and its aftermarket remain weak.
Honeywell shares fell 2.5% in premarket trading. The company reaffirmed its annual forecast and said it expects first-quarter earnings per share of $1.60 to $1.64 and a sales decline of 2% to 4%. Analysts polled by Thomson Reuters expect earnings per share of $1.62. For the just-completed quarter, the industrial conglomerate reported an overall profit of $1.03 billion, or $1.34 a share, down from $1.19 billion, or $1.53, in the same quarter a year before. When excluding restructuring and other costs, earnings per share for the quarter were $1.74. Revenue grew to $9.99 billion from $9.98 billion as core organic sales fell 1%. Analysts polled by Thomson Reuters had expected earnings per share of $1.74 on $10.15 billion in sales.
