UPDATE: Honeywell Q4 Earnings Beat Views

reported a better-than-expected earnings for the fourth quarter. The Morristown, New Jersey-based company posted a quarterly net profit of $956 million, or $1.20 per share, versus a year-ago profit of $947 million, or $1.19 per share. Excluding mark-to-market pension expense, the company earned $1.43 per share. Its revenue fell 1% to $10.27 billion. However, analysts were expecting earnings of $1.42 per share on revenue of $10.21 billion. Sales for the Aerospace segment declined 6% in the quarter, while Automation and Control Solutions sales gained 3%. Sales for Performance Materials and Technologies segment were approximately flat in the quarter. Honeywell Chairman and CEO Dave Cote said, "Strong execution in our businesses and continued momentum across the portfolio throughout the year helped us to deliver on our aggressive 2014 sales, margin, and EPS targets. We achieved significant margin expansion in 2014 with benefits from our key process and productivity initiatives, and increased organic growth by continuing to 'seed plant' with investments in new products and technologies, high ROI capex, and expansion of our global footprint.” For 2015, Honeywell affirmed its adjusted earnings forecast of $5.95 to $6.15 per share, versus analysts' estimates of $6.11 per share. Honeywell shares gained 0.14% to close at $99.39 yesterday.