Diversified manufacturer Honeywell International Inc
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 said sales in the fourth quarter were up across all four of its divisions. It also makes systems to control large buildings, specialty chemicals and vehicle turbochargers -- a piece of the auto business that Honeywell is keeping.
The year saw progressively improved market conditions ... resulting in robust sales growth and record segment margins and cash flow, Chief Executive Officer David Cote said.
Honeywell raised its 2011 profit forecast by 10 cents to a range of $3.60 to $3.80 per share. Analysts on average look for $3.77, according to Thomson Reuters I/B/E/S.
A stream of better-than-expected earnings reports from big manufacturers including General Electric Co
QUARTER MEETS STREET VIEW
Honeywell posted fourth-quarter earnings of $369 million, or 47 cents per share, up from $150 million, or 20 cents per share, a year earlier.
Excluding pension-related charges, the company earned 87 cents per share, meeting Wall Street's expectations.
Revenue rose 12 percent to $9.04 billion, topping the analysts' forecast of $8.84 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.
Shares of Honeywell were down 1.1 percent at $55.30 in premarket trading.
At Friday's close, the stock had risen almost 40 percent in the past year, outpacing the 29 percent rise in the Standard & Poor's capital goods industry index <.GSPIC>.
(Reporting by Scott Malone; Editing by Lisa Von Ahn)