Honeywell's aerospace peers General Electric Co and Raytheon Technologies Corp have also flagged labor shortages and higher costs. "The supply chain for mechanical components remains constrained due to skilled labor shortages among Tier 3 and 4 suppliers," Honeywell's chief financial officer Gregory Lewis said on post earnings call with analysts. A shortage of crucial semiconductor chips and higher prices of raw materials have also hit aerospace and defense companies' ability to manufacture products over the past year, leading to delays in output.