Earnings Round-up: Honeywell, GE
MORRIS TOWNSHIP, N.J.
A sharp rise in the sale of its security and life safety products helped propel Honeywell to a 21-percent increase in net income for its third quarter compared to the same quarter a year ago. Honeywell had net income of $470 million for the quarter, compared to $372 million in 2004. Revenues were up 8 percent to $6.9 billion compared to $6.4 billion for the 2004 third quarter.
Sales for Honeywell’s Automation and Control Solutions (ACS) business, which includes its security and life safety products, was up 23 percent to $2.5 billion. In its earnings release, Honeywell said the largest sales growth game from its security and life-safety products. Aerospace has long been Honeywell’s highest sales center, though ACS is now only a little under $200 million from pushing aside Aerospace for the top spot.
New profit for ACS was $300 million in the third quarter, compared to $235 million in 2004.
In other earnings news …
GE: GE had a record $4.7 billion in net earnings for its 2005 third quarter, with the Infrastructure division that includes the company’s security products proving to be the company’s most profitable unit.
GE had total revenues of $41.9 billion for the three months that ended Sept. 30.
GE Infrastructure had third-quarter revenues of $10.1 billion and net earnings of $1.9 billion compared to revenues of $9.1 billion and $1.6 billion in earnings for the 2004 third quarter.
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