Honeywell International Inc reported a 2.6 percent rise in profit that met Wall Street forecasts, and the diversified US manufacturer held its 2009 outlook steady as it braces for a "more challenging" year. The rise in profit came despite a 6.1 percent decline in sales, reflecting the company's sharp focus on cost-cutting over the past few years.
The world's largest maker of cockpit electronics said on Friday that fourth-quarter net income rose to $707 million, or 97 cents per diluted share, from $689 million, or 91 cents per share, a year earlier. The result matched analysts' forecasts, according to Reuters Estimates. Revenue fell to $8.7 billion from $9.3 billion. The company, which also makes thermostats and other equipment to manage large buildings, held its 2009 forecast steady, looking for earnings of $3.20 to $3.55 per share.