By Dave Sebastian

 

Honeywell International Inc. said its profit rose for the third quarter as sales grew in all four segments despite supply-chain constraints, raw-material inflation and labor-market challenges.

The industrial conglomerate Friday posted net income attributable to the company of $1.26 billion, compared with $758 million in the same period last year. Earnings were $1.80 a share, compared with $1.07 a share in the prior year.

Adjusted earnings were $2.02 a share. Analysts polled by FactSet were expecting $1.99 a share.

Net sales rose to $8.47 billion from $7.8 billion. Analysts were looking for $8.66 billion.

Organic sales growth, which strips out the effects from foreign currency translation and acquisitions and divestitures for the first 12 months following the transaction date, was 8%.

Aerospace sales rose 2% on an organic basis, driven by recovery in commercial aftermarket demand, partially offset by lower defense volumes that were hurt by supply-chain constraints, the company said.

Honeywell Building Technologies sales rose 3% on an organic basis as the segment saw demand for building projects and products, the company said.

Organic sales in the company's performance materials and technologies segment rose 9% as demand for services, automation projects, gas processing and advanced materials drove orders growth.

Safety and productivity solutions sales rose 21% on an organic basis, driven by double-digit growth in the warehouse and workflow solutions, productivity solutions and services and gas analysis businesses, partially offset by lower personal protective equipment volumes, Honeywell said.

 

Write to Dave Sebastian at dave.sebastian@wsj.com

 

(END) Dow Jones Newswires

October 22, 2021 06:47 ET (10:47 GMT)

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