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Honeywell 4Q net income up, will sell unit

Honeywell 4Q net income up, will sell unit

Honeywell International says its fourth-quarter profit more than doubled, mainly due to accounting adjustments. It also says it is selling its automotive group that makes Fram oil filters and Prestone antifreeze for about $950 million to the private equity firm Rank Group.
The company says market conditions improved during the quarter and is raising 2011 guidance.
The technology and manufacturing company says net income rose to $369 million, or 47 cents per share, from $163 million, or 20 cents per share last year.
Excluding a hefty accounting adjustment related to pensions, earnings were 87 cents per share. That beat analyst expectations by a penny.
Revenue rose 12 percent to $9.04 billion, handily beating the $8.84 billion analysts expected.