AlliedSignal Income Up 16 Percent
MORRIS TOWNSHIP, N.J. (AP) _ AlliedSignal Inc. reported a 16 percent increase in fourth-quarter income Wednesday, citing strong sales in the aerospace industry.
The maker of aerospace and automotive products, chemicals, fibers and plastics earned $314 million, or 55 cents per diluted share, during the three-month period that ended Dec. 31, up from $270 million, or 46 cents per diluted share, a year ago.
Sales rose 12 percent to $3.9 million from $3.5 billion.
The aerospace division earned $177 million in the fourth quarter, up 40 percent from $126 million in 1996, on strong sales of aircraft spare parts and repair, landing systems, environmental controls and engine systems.
The company also said Wednesday it had acquired British Airways’ wheel and brake operations in London, signing a 10-year agreement to become the airline’s exclusive supplier of wheel and brake support services.
For all of 1997, the company earned $1.17 billion, or $2.02 per diluted share, up 15 percent from $1.02 billion, or $1.76 per diluted share, the previous year. Sales rose 4 percent to $14.5 billion.
AlliedSignal’s stock rose $2.50, or 6.8 percent, $39.31 1/4 on the New York Stock Exchange.