As per reports, Honeywell International Inc (HON) reported lower-than-expected quarterly sales reporting a decline in sales in three out of its four segments, hurt by supply chain challenges at its aerospace segment and a fall in demand for masks. Sales at Honeywell’s high-margin aerospace segment, which makes parts for planes produced by Boeing Co and Airbus SE, also dropped 3% as raw material and parts shortages hurt sales.
Total sales for the fourth quarter dropped 2% to $8.66 billion, lower than analysts’ expectations of $8.73 billion. Price increases to combat inflation helped Honeywell post a rise in profit, reporting a net income rise by 5% to $1.43 billion, or $2.05 per share for the quarter ended Dec. 31. Excluding items, Honeywell earned $2.09 for the fourth quarter, exceeding estimates by one cent. The company forecast 2022 sales of $35.4 billion to $36.4 billion, lower than analysts’ estimate of $36.76 billion.
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