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

By
A A A
Share |

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 Dividend.com 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.

Created by Dividend.com


This article appears in: Investing , Stocks

Referenced Stocks: HON

Dividend.com

Dividend.com

More from Dividend.com:

Related Videos

Stocks

Referenced

100%

Most Active by Volume

48,587,328
  • $16.2362 ▲ 0.16%
42,948,058
  • $99.305 ▲ 1.67%
27,030,035
  • $2.57 ▼ 19.94%
26,719,573
  • $27.845 ▲ 0.05%
26,698,372
  • $14.17 ▼ 5.09%
25,481,541
  • $76.57 ▲ 0.82%
24,456,264
  • $94.08 ▲ 1.16%
22,290,553
  • $22.85 ▼ 1.72%
As of 10/20/2014, 02:26 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com