Honeywell Reports 1% Rise in Q4 Profits

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Researched by Industrial Info Resources (Sugar Land, Texas)--Honeywell International Incorporated (NYSE:HON) (Morris Township, New Jersey) reported fourth-quarter 2014 net income rose 1% from a year earlier to $975 million amid a slight drop in sales revenue. Honeywell executives said the earnings exceeded market expectations, but added sales dropped 6% to $10.26 billion.

Honeywell is a conglomerate that includes aerospace products; automation and control solutions; and performance materials and technologies.

Industrial Info is tracking 42 active Honeywell projects worth $1.04 billion. Industrial Info lists 30 projects, worth $412 million, that are in the construction phases; three projects, worth $435 million, in the engineering phase; and nine projects, valued at $183 million, in the planning stages. Now in the site preparation phase, Honeywell's $300 million Apollo 2 Hfo-1234yf Refrigerant Units Addition at the Geismar Fluoropolymers plant in Louisiana is scheduled to kick off in second-quarter 2015, with completion in second-quarter 2017. The new units will produce a hydroflurocarbon refrigerant for automobiles.

Honeywell was scheduled to complete Phase I of the Shreveport catalyst plant expansion in Louisiana by the end of 2014, according to Industrial Info. The project has a total investment value of $250 million.

Fourth-quarter profits for Honeywell's Aerospace Segment fell to $663 million from $769 million a year earlier. Automation and Control Solutions Segment profits rose to $613 million from $570 million. Performance Materials and Technologies (including chemicals) Segment profits rose to $425 million from $400 million.

For all of fiscal year 2014, Honeywell reported net income of $4.33 billion, a 9% increase from 2013. Sales revenue for the year rose 3.2% to $4.33 billion.

Looking forward, Chief Financial Officer Tom Szlozek said during the company's earnings conference call that the drop in oil prices should have a net neutral impact on Honeywell's UOP refining and chemical processing technology business, and its Honeywell Process Solutions business.

However, Szlozek said lower oil prices will have a negative impact on chemical sales.

Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.