Or was it?
The aerospace and technology systems conglomerate on Friday posted fourth-quarter earnings that beat analysts' expectations on ongoing growth in its aerospace and building technology units.
It also did well with its supply-chain software and digital commercial offerings, which helped the Charlotte-based company post earnings of $1.59 billion, or $2.06 an adjusted share, 2 cents better than analysts' forecasts.
Still, on the sales side, the figures didn't quite add up to what analysts were expecting, with sales from all divisions totalling $9.5 billion, down from $9.7 billion in the final three months of 2019 and below the $9.605 billion expected by analysts.
Part of the problem: an ongoing hit from the grounding and production halt of Boeing's (BA) - Get Report 737 MAX, of which Honeywell contributes some $1 million per plane in various parts and technology.
However, demand for other types of products and services, in particular other aerospace parts as well as productivity tools like hand-held computers used by warehouse workers, should help bolster full-year sales and earnings, Honeywell said.
Honeywell said it expects sales of $36.7 billion to $37.8 billion for this year, on per-share earnings of between $8.60 and $9, in line with analysts' current forecasts of full-year earnings of $8.80 a share.
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