Honeywell profit up, sells consumer auto business

By @ibtimes on

Diversified manufacturer Honeywell International Inc raised its 2011 profit forecast on Friday and announced a deal to sell a unit that makes antifreeze and other car maintenance products.

The world's largest maker of cockpit electronics said it would sell its automotive consumer products group to privately held Rank Group for $950 million.

Honeywell raised its 2011 profit forecast by 10 cents to a range of $3.60 to $3.80 per share.

The company posted fourth-quarter earnings of $369 million, or 47 cents per share, up from $150 million, or 20 cents per share, a year earlier.

Factoring out 40 cents per share of pension-related charges, the company earned 87 cents per share in the quarter, meeting Wall Street's expectations, according to Thomson Reuters I/B/E/S.

Revenue rose 12 percent to $9.04 billion.

The Morris Township, New Jersey-based company said in November that it would change its pension accounting approach to more closely match that of its peers. The shift to mark-to-market accounting means it will book gains and losses in the portfolio as they occur, rather than smoothing them over a three-year period.

(Reporting by Scott Malone; Editing by Lisa Von Ahn)

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