(Reuters) -Honeywell International Inc reported lower-than-expected quarterly sales on Thursday, as a disruption in parts and raw material supplies pressured sales at its unit that caters to the aerospace industry.
Though the COVID-19 pandemic-battered aviation industry has benefited from a recovery in travel activity, raw material and parts shortages have cost companies like Honeywell sales worth millions of dollars.
Sales in the company’s high-margin aerospace unit, which makes parts for planes produced by Boeing Co and Airbus SE, fell 2.75% to about $2.9 billion.
Shares of Honeywell were down 2.7% before the bell.
The company’s overall net income rose 5% to $1.43 billion, or $2.05 per share, in the fourth quarter ended Dec. 31, from $1.36 billion or $1.91 per share, a year earlier.
Honeywell’s total sales for the fourth quarter fell 2% to $8.66 billion, compared with analyst expectations of $8.73 billion, according to Refinitiv data.
(Reporting by Shivansh Tiwary in Bengaluru; editing by Uttaresh.V)
