Honeywell Aerospace has reported that profit for Q4 2014 was down by 14 per cent year-on-year to $663m from $769m in Q4 2013.
The aerospace supplier also revealed a six per cent drop in sales in Q4 2014 to $3.8bn compared with $4bn in Q3.
The company said the drop in sales in Q4 was in part due to the “unfavourable impact of OEM incentives” and negative impacts of foreign exchange rates.
Excluding these impacts, Honeywell Aerospace says that sales of original equipment were up seven per cent in Q4 compared with Q3 and aftermarket sales were up four per cent – driven by growth in the spares market and “higher repair and overhaul activities”.
Honeywell Aerospace’s sales revenue for the full financial year was down by one per cent to $15.6bn, however, total profit for 2014 was up by two per cent to $2.9bn.