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Asset sales spur Honeywell to fourth-quarter profit

Honeywell Inc. reported fourth-quarter net income Tuesday of $392-million, or $9.26 a share, on sales of $1.6-billion. That was in contrast to a loss of $483-million in the period a year earlier, when sales totaled $1.58-billion. The 1989 fourth-quarter results include a gain of $332-million from the sale of assets. Fourth-quarter income from continuing operations totaled $372-million.

Restructuring charges and write-offs had resulted in the fourth-quarter loss in 1988.

For the year, Honeywell reported net income of $604-million, or $14.18 a share, in contrast to a $435-million loss in 1988. Sales rose 3.4 percent, to $6.1-billion, from $5.9-billion a year earlier.

Minneapolis-based Honeywell, which employs 4,250 people in Pinellas County, is in the midst of a restructuring that requires the sale of businesses not related to its original controls business, the elimination of up to 4,000 jobs and the repurchase of as many as 10-million of its 42-million shares of stock.

Honeywell's Space Systems Group is based in Clearwater, and the company's Military Avionics Systems Group has a unit in the Gateway area of Pinellas County. Both units are part of the Space and Aviation Systems group.

Operating profit for Space and Aviation was $111-million in 1989, compared with an operating loss of $142-million in 1988. Sales last year were $2.004-billion, up significantly from $1.840 billion in 1988.

Shares of Honeywell fell $1.62{ Tuesday, to $76.50, on the New York Stock Exchange.

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