Industrials group Honeywell International Inc. (NYSE:HON) saw its fourth-quarter earnings decline weighed by weakness in its aerospace and energy businesses.
Honeywell’s net income fell by 13.4% to US$1.03bn, or US$1.34 per share for the quarter to December 31, on flat revenues of US$9.99bn, missing analysts' forecasts.
However, adjusted for non-recurring costs, earnings were US$1.74 per share, in line with market estimates.
For full-year 2016, the company reported earnings of US$4.81bn, or $6.20 per share, on revenue of US$39.3bn.
Honeywell also reiterated its guidance for 2017. In mid-December, the US group forecast earnings of US$6.85-US$7.10 per share for the current year and said it expected organic sales growth of 1-3%, partly helped by stabilising oil and gas markets.
Fourth-quarter sales in the firm's performance materials and technologies unit - which makes catalysts and absorbants used for petroleum refining - declined by 4.7%.
Honeywell's biggest divison, its aerospace business, saw sales fall by around 8%.
In pre-market trading, Honeywell's shares were down about 1% at US$117.