Honeywell Q1 Income Drops
April 21
00:00
2003
Honeywell Q1 Income Drops
Jason Sandefur
Honeywell International Inc. reported a 32% drop in net income to $254 million for the first quarter of 2003, despite a 4% gain in revenue to $5.4 billion. CEO Dave Cotes noted that Q1 Aerospace revenue, including fasteners, declined 1% to $2.06 billion, while all other business segments claimed sales increases. Strong sales in the defense and general aviation aftermarkets for Morris Township, NJ-based Honeywell were offset by commercial aerospace declines. Q1 Aerospace margins slipped to 10.6% from 14.7% in the first quarter of 2002. Web: honeywell.com �2003 FastenerNews.com
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