The continuing operations of Honeywell flashed 10% per-share earnings growth in 2019, the parent company of multiple Department of Energy site management contractors reported Friday.
Excluding the effects of spinning off its transportation systems and commercial building technology units in 2018, Honeywell’s 2019 earnings rose on a per-share basis to $8.16, according to a press release.
Quarterly operating profit at Honeywell’s Aerospace segment — where the company bookkeeps government revenue that includes contracts with the Department of Energy’s National Nuclear Security Administration and Office of Environmental Management — rose 20% to almost $955 million from about $800 million in the 2018 fourth quarter.
Aerospace sales for the quarter rose 6.5% to around $3.6 billion from about $3.4 billion a year ago.
For the year, Aerospace operating profits were up 3% to roughly $3.6 billion from $3.5 billion in 2018, even though segment revenue declined almost 10% to about $14 billion from $15.5 billion.
Company-wide net earnings were about $1.6 billion in the fourth quarter, down 2% from $1.7 billion in 2018. On the year, net earnings fell to about $6.2 billion from $6.8 billion in 2008. Overall revenue dropped more than 10% to roughly $36.7 bilion from about $41.8 billion in 2018. The 2018 totals include the businesses spun off that year.
Honeywell is the owner or partner in contractors that manage four Department of Energy facilities:
- Honeywell Federal Manufacturing & Technologies, a Honeywell subsidiary at the Kansas City National Security Campus in Missouri.
- National Technology and Engineering Solutions of Sandia, a Honeywell subsidiary at the Sandia National Laboratories in New Mexico.
- Mission Support and Test Services, a Honeywell-majority team with Jacobs and Huntington Ingalls at the Nevada National Security Site.
- Savannah River Nuclear Solutions, a Honeywell-minority team with Fluor and Huntington Ingalls at the Savannah River Site in South Carolina.
