(By Mani) Diversified technology and manufacturing company Honeywell International, Inc. (NYSE: HON) swung to a fourth-quarter profit, which also topped Street view, as mix of long- and short-cycle businesses and expansion in high growth regions has offset European and forex headwinds.
The company also reaffirmed its fiscal 2013 forecast.
For the quarter ended Dec.31, Honeywell reported net profit of $251 million, or 32 cents a share, compared to a loss of $310 million, or 40 cents a share, in the same quarter last year. Results include mark-to-market pension expense of 78 cents a share. Excluding items, it earned $1.10 a share, which beat estimates by a penny.
Net sales increased 1 percent to $9.58 billion from $9.47 billion a year-ago. Wall Street had expected revenue of $9.51 billion, according to analysts polled by Thomson Reuters.
Sales weakness in aerospace and transportation systems were offset by improved sales in performance material and technologies, and automation and control systems.
For 2013, New Jersey-based Honeywell sees earnings, excluding pension expense, of $4.75 - $4.95 on sales of $39.0 billion to $$39.5 billion. Analysts expected earnings of $4.92 a share on revenue of $39.34 billion.
Shares of Honeywell closed Thursday's regular trading session at $68.24 on the NYSE.