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A shortage of crucial semiconductor chips and higher prices of raw materials have hit aerospace and defense companies’ ability to manufacture products over the past year, leading to delays in output.
The Charlotte, North Carolina-based company’s safety and productivity solutions unit, which makes masks, also struggled over the past year, hurt by easing travel restrictions between countries.
Net earnings fell to $1.02 billion, or $1.51 per share, in the quarter ended Dec. 31, from $1.43 billion, or $2.05 per share, a year earlier.
Overall quarterly net sales, rose about 6% to $9.19 billion.
