Honeywell profit falls 30% as coronavirus hits aerospace sales

Revenue for the company, which makes parts for planes made by Boeing Co and Airbus SE, fell about 19% to $7.48 billion. Credit: AFP/file photo for representation

Diversified US manufacturer Honeywell International Inc on Friday reported a 30% slump in quarterly profit, hit by a sharp fall in demand for aircraft spare parts as airlines park or retire thousands of planes due to the Covid-19 pandemic.

Net income attributable to Honeywell fell to $1.08 billion, or $1.53 per share, in the second quarter ended June 30, from $1.54 billion, or $2.10 per share, a year earlier.

Revenue for the company, which makes parts for planes made by Boeing Co and Airbus SE, fell about 19% to $7.48 billion.

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