Honeywell’s Total 3Q Sales Down 4%; Security, Fire Sales Up
MORRIS TOWNSHIP, N.J.
Honeywell Int’l reports its third-quarter ongoing and reported earnings per share were up 50 cents, or 14 percent, as compared to ongoing results in the third quarter of 2001. Reported earnings were also up as repositioning and other charges resulted in a reported loss of 38 cents in the same period of last year.
Sales in the third quarter were $5.6 billion, down 4 percent as a result of declines in products and equipment in nonsecurity-related markets. Sales increased in security and fire solutions. Operating margins in the third quarter rose to 11.4 percent, compared to 10.3 percent in the third quarter of 2001 and improved in all segments, except aerospace.
The company’s Automation and Control Solutions segment’s sales were flat, excluding its Consumer Products (portable air cleaners, portable fans, etc.). Sales increases in security and fire solutions were offset by lower sales in industry solutions due to continuing softness in capital spending and industrial production.
The company also says its Automation and Control Solutions segment has completed its acquisition of Invensys Sensor Systems, a supplier of sensors and controls. “The acquisition of Invensys Sensor Systems strengthens our sensing business, particularly in the high-growth medical and automotive-on-board segments,” says David Cote, Honeywell chairman and CEO.
The Automation and Control Products business will now have a broader product portfolio, a wider customer base and new sensing technologies. The business segment also says it expects to close the deal on its acquisition of the CCTV business of Ultrak in the fourth quarter.
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