MORRIS TOWNSHIP, N.J.—Honeywell International Inc.'s performance materials and technologies segment reported a 30 percent increase in profit during the fourth quarter of 2013 compared to the same period from a year earlier.
Sales increased by 12 percent from $1.5 billion in the fourth quarter of 2012 to $1.7 billion 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 percent while segment profit rose by around 10 percent.
The company's transportation systems segment sales rose to $3.7 billion in 2013—5 percent 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 percent higher than the same period in 2012, making the profit 15 percent higher than yielded in the previous fourth quarter.