Honeywell 4Q up as cost savings beat sales drop

Honeywell International Inc. says its fourth-quarter earnings rose slightly as it cut costs.

The Morristown, New Jersey-based diversified manufacturer of aircraft equipment, specialty chemicals and building control systems said Friday it earned $707 million, or 97 cents per share. It earned $689 million, or 91 cents per share, a year earlier.

It says revenue dropped 6 percent to $8.7 billion, including a 35 percent decline in the autos-equipment unit. Honeywell lowered its cost of products and services by about 7 percent.

Analysts were expecting 97 cents per share in quarterly earnings on revenue of $8.97 billion

Honeywell maintained its 2009 guidance of $3.20 to $3.55 per share of earnings. Analysts expect $3.20 per share.