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Honeywell meets estimates
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January 19, 2000: 7:33 a.m. ET
System control company sees $250M in merger-related savings this year
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NEW YORK (CNNfn) - Honeywell International met fourth-quarter earnings expectations Wednesday, and said its recent merger with Allied Signal is progressing well and should produce $250 million in savings this year.
The systems control and aerospace parts company reported earnings from operations of $630 million, or 78 cents a diluted share, compared with $561 million, or 69 cents a share, a year earlier. A pretax charge of $922 million for merger-related expenses brought net income down to $7 million, or 1 cent a share, in the most recent quarter.
Revenue of $6.16 billion was off slightly from the $6.22 billion of a year earlier.
For the year, Morris Township, N.J.-based Honeywell (HON) had income from operations of $2.2 billion, or $2.68 a diluted share, up from $1.9 billion, or $2.34 a share, in 1998. Net income for 1999, including merger charges and gains from the sale of its Laminate Systems business and its AMP common stock, was $1.5 billion, or $1.95 a diluted share.
Revenue for the year was $23.7 billion, up from $23.6 billion in 1998. The company said it expects 8 to 10 percent annual revenue growth going forward.
Honeywell, a Dow Jones industrial average component, closed Wednesday at 54-1/4, down 4-3/4. 
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Honeywell
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