Honeywell Q4 Profit Matches View; Forecast Raised; Will Sell Automotive Unit (HON)

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Diversified technology and manufacturing company Honeywell International Inc. ( HON ) on Friday posted in-line fourth quarter profits, boosted its 2011 forecast, and announced the $950 million sale of its automotive unit.

The Morristown, NJ-based company reported fourth quarter net income of $369 million, or 47 cents per share, compared with $150 million, or 20 cents per share, in the year-ago period. Excluding one-time charges, adjusted profit was 87 cents per share.

Revenue jumped 12% from last year to $9.04 billion.

On average, Wall Street analysts expected a matching adjusted profit of 87 cents, on lower revenue of $8.84 billion.

Honeywell also said it would sell its automotive consumer products unit to privately-held investment firm Rank Group for $950 million.

Looking ahead, the company predicted first quarter 2011 profit would range from 76 to 80 cents per share. For the full year 2011, it raised its forecast to a range of $3.60 to $3.80 per share, which compared with the $3.77 per share currently expected by analysts.

Honeywell shares fell 62 cents, or -1.1%, in premarket trading Friday.

The Bottom Line
Shares of Honeywell ( HON ) have a 2.16% dividend yield, based on last night's closing stock price of $55.92. The stock has technical support in the $50-$52 price area. The shares are approaching all-time high levels around the $60 price mark.

Honeywell International Inc. ( HON ) is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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Referenced Stocks: HON

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