Morris Township, New Jersey -- Honeywell’s performance materials and technologies segment has reported a 30% increase in profit during the fourth quarter of 2013 compared to the same period a year earlier.
Sales increased by 12% from $1.5bn in the fourth quarter of 2012 to $1.7bn in the fourth quarter of 2013.
“Honeywell had a very strong fourth quarter, capping off a terrific year across the board with record sales, margins, and earnings," said Honeywell Chairman and CEO Dave Cote.
The year on year figures showed the performance materials segment sales rose by 9% while segment profit rose by around 10%.
The company’s transportation systems segment sales rose to $3.7bn in 2013 – 5% higher than the previous year.
The hike was driven by “continued growth from new platform launches, higher global turbo gas penetration and light vehicle production, in addition to an uptick in China commercial vehicle demand” said a company report.
Fourth quarter sales in the segment were 16% higher than the same period in 2012, making the profit 15% higher than yielded in the previous fourth quarter.