Honeywell Aerospace Profit Down

Jason Sandefur

Honeywell reported sales in its Aerospace division, including fasteners, dropped 2% to $2.16 billion during the second quarter of 2002, while Aerospace profit fell 38% to $224 million.
For the first six months of 2003, Aerospace revenue slipped 1.6% to $4.2 billion, while profit decreased 34% to $442 million.
On a brighter note, Honeywell announced it received more than $1.3 billion in new Aerospace orders from the Paris Air Show.
Overall, Morris Township, NJ-based Honeywell reported Q2 revenue increased 2% to $5.7 billion, although net income declined 30% to $319 million.
For the first six months, revenue climbed 2.7% to $11.1 billion, while net income fell 31% to $573 million.
During the quarter, Honeywell named Dave Anderson as CFO.
Web: honeywell.com �2003 FastenerNews.com