Third-quarter earnings fell slightly at Honeywell, Charlotte, N.C., the company, which is involved with management of several defense-nuclear sites, reported this week.
Net earnings for the third quarter, ended Sept. 30, were roughly $1.4 billion, or $2.16 a share, down from about $1.5 billion, or $2.27 a share, in the year-ago quarter. Quarterly revenue was approximately $9.7 billion, up year-over-year from $9.2 billion.
The dip in earnings was due mostly to expenses related to business Honeywell recently sold or acquired or plans to sell, according to the company’s latest 10-Q filing with the Securities and Exchange Commission. Without these charges, profits would have risen slightly year over year, Honeywell said.
Quarterly segment revenue income for Honeywell’s Aerospace Technologies segment, which includes the Federal Solutions operations responsible for Department of Energy contracting, was about $1.1 billion, up from $968 million a year ago.
Aerospace segment revenue was roughly $3.9 billion, up from $3.5 billion a year ago. That includes some $1.8 billion in sales of services, up from $1.7 billion a year ago, and about $2 billion in sales of products, up from $1.8 billion.
Like other large government contractors, Honeywell does not say what portion of its equity income comes from joint ventures or subsidiaries managing DOE defense-nuclear sites.
Honeywell is the sole or lead partner on the management and operations contractors for the Department of Energy National Nuclear Security Administration’s Kansas City National Security Complex, Nevada National Security Site and Sandia National Laboratories.
The company is also a junior partner on United Cleanup of Oak Ridge, the cleanup contractor for DOE’s Office of Environmental Management at the Oak Ridge site.
