Honeywell quarterly profit tumbles on supply chain snags

Honeywell quarterly profit tumbles on supply chain snags

(Reuters) -Industrial conglomerate Honeywell International Inc on Thursday posted a 28.6% fall in fourth-quarter profit, hurt by supply chain constraints and labor shortages.

A shortage of crucial semiconductor chips and higher prices of raw materials have hit aerospace and defense companies ability to manufacture products over the past year, leading to delays in output.

The Charlotte, North Carolina-based companys safety and productivity solutions unit, which makes masks, also struggled over the past year, hurt by easing travel restrictions between countries.

Net earnings fell to $1.02 billion, or $1.51 per share, in the quarter ended Dec. 31, from $1.43 billion, or $2.05 per share, a year earlier.

Overall quarterly net sales, rose about 6% to $9.19 billion.

(Reporting by Nathan Gomes in Bengaluru; Editing by Shinjini Ganguli)

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