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Honeywell profits drop, sets job cuts First quarter profits miss targets ahead of acquisition by GE MORRIS TOWNSHIP, N.J., April 20 — High-tech manufacturer Honeywell International Inc, which saw first-quarter profits drop 92 percent, is planning to cut 6,500 jobs.

THE JOB CUTS, which represent about 5 percent of its work force, come as the maker of aerospace, automotive and electronic products is being acquired by Fairfield, Conn.-based General Electric Co. Honeywell said Friday it had first quarter net income of $41 million, or 5 cents per share, down from $506 million, or 63 cents per share, the quarter ending March 31.

Adjusted for one-time gains and losses, the company earned $415 million, or 51 cents per share, this year. That fell short of a forecast of analysts surveyed by Thomson Financial/First Call, who were expecting earnings of 58 cents per share.

Sales dipped to $5.95 billion, down from $6.04 billion in the year-ago period. Honeywell said economic conditions and high energy and raw material costs substantially hurt first-quarter earnings. Also affecting results were income declines at units the company had planned to divest, but retained due to the pending merger with GE.

-- Anonymous, April 20, 2001