Honeywell International Inc. reported its fourth-quarter earnings that beat expectations. However, the guidance offered by the conglomerate was weaker than expected.
The company's earnings came in at $2.09 a share, compared to analysts’ expectations of $2.08 a share. Revenue was $8.66 billion compared to the Street estimates of $8.73 billion.
The company said it was "an extremely challenging operating environment" during the period due to supply-related constraints within its aerospace division, and mask demand decreasing.
Honeywell’s Safety and Productivity Solutions division, which makes the masks, had a -10% decrease in sales in Q4. The company expects a further decline in mask demand this year.
Looking ahead, the company projects sales of $35.4 billion to $36.4 billion for 2022, below consensus forecast of $36.76 billion. It expects earnings in the range of $8.40 to $8.70 per share, also below the consensus of $8.97.
The company expects free cash flow to be about $4.9 billion in 2022. Analysts are projecting about $6 billion in free cash flow for this year.