Security, Fire Revenue Up at Honeywell
MORRIS TOWNSHIP, N.J.
Honeywell announces a 13-percent increase in earnings as it
released its first-quarter earnings numbers. The latest
figures also show double-digit revenue growth for Honeywell
Security and Honeywell’s Fire Solutions division. Bolstered
by a 14-percent hike in company revenue to $6.2 billion,
Honeywell had a net profit of $295 million in the three
months ended March 31 compared to $254 million in the first
quarter of 2003 according to its earnings announcement of
April 21.
However, Automation and Control Solutions (ACS), which includes Fire Solutions and Honeywell Security, was the only Honeywell segment showing a downward trend, though slight, in first-quarter earnings.
ACS first-quarter profit was $195 million – still the second-highest profit margin in the company – for a 1.5-percent drop from the $197 million in 2003. Honeywell CFO Dave Anderson attributes the drop to growth initiatives in the division and forecasts double-digit growth in the second quarter.
Even so, Honeywell Security enjoyed an 11-percent increase in revenue despite what Anderson says is “limited industry growth.”
Fire Solutions revenue was up 22 percent in the quarter. “We continue to take market share in that market,” says Anderson of the group, which includes Fire-Lite and Notifier.
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