Manufacturer Honeywell's Income Rises

Honeywell International Inc. said late Thursday that fourth-quarter net income rose 18 percent because of growth in all four of its business segments.

The diversified manufacturer said it earned $689 million, or 91 cents per share, for the three months that ended Dec. 31, up from $585 million, or 72 cents per share, a year earlier.

The company had projected net income of 89 cents to 91 cents a share, while analysts surveyed by Thomson Financial were expecting 91 cents a share.

Fourth-quarter sales were up 12 percent to $9.3 billion from $8.3 billion in 2006.

Cash flow from operations was up 16 percent to $1.4 billion from $1.2 billion in the prior year, and free cash flow was up about 20 percent to $1.1 billion from $900 million in the 2006 fourth quarter.

"Our great positions in good industries, together with favorable macro trends, drove growth across each of our four business segments in 2007," the company said.

"While we anticipate softer global economic conditions in 2008, we remain confident in Honeywell's ability to outperform," the company said. "We will continue to invest in innovation, expand globally, and execute on productivity initiatives to drive double digit earnings per share growth and higher free cash flow in 2008."

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