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HONEYWELL INTERNATIONAL INC.

(HON)
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HONEYWELL INTL : Honeywell cuts profit view, cites economic slump

04/24/2009 | 07:39am EDT

BOSTON (Reuters) - Diversified U.S. manufacturer Honeywell International Inc reported a 38 percent drop in profit and cut its full-year earnings forecast to more closely match analysts' expectations, citing the weak economy.

The world's largest maker of cockpit electronics said on Friday it expects to earn $2.85 to $3.20 per share for 2009, well below its December forecast of $3.20 to $3.55 per share.

For the year, Wall Street looks for profit of $3.09 per share, according to Reuters Estimates.

Its shares rose 3 percent in pre-market trading

Honeywell's new forecast would represent a profit drop of 15 percent to 24 percent from the $3.76 per share in profit it reported last year.

"While we anticipated a difficult first half of 2009, slow global economic conditions continue and we are adjusting our outlook accordingly," said Chief Executive Dave Cote, in a statement.

Honeywell joins a growing list of U.S. industrials that have lowered their 2009 profit forecasts. Just this week, Caterpillar Inc <CAT.N>, Danaher Corp <DHR.N> and Eaton Corp <ETN.N> warned they would earn less this year than they previously expected.

The company posted earnings of $397 million, or 54 cents per diluted share. That compares with profit of $643 million, or 85 cents per diluted share, a year earlier.

Sales came to $7.57 billion, down 15 percent from $8.9 billion a year earlier.

The Morris Township, New Jersey-based company has seen demand fall off for its components of light jets and systems used to control large buildings in the face of slumping global flying hours and soft construction markets.

Its shares rose 98 cents to $33.36 in premarket trading. As of Thursday's close, Honeywell shares are down about 47 percent over the past 12 months, a slightly more modest slide than the 50 percent fall of the Standard & Poor's capital-goods industry index <.GSPIC>.

(Reporting by Scott Malone; Editing by Derek Caney)


ę Reuters 2009
Stocks mentioned in the article
ChangeLast1st jan.
CATERPILLAR INC. 1.63% 208.5 Delayed Quote.14.55%
DANAHER CORPORATION 1.78% 302.33 Delayed Quote.36.10%
EATON CORPORATION PLC 4.04% 162.81 Delayed Quote.30.26%
HONEYWELL INTERNATIONAL INC. 0.10% 232.65 Delayed Quote.9.38%
ONE STOP SYSTEMS, INC. -0.32% 6.26 Delayed Quote.56.50%
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Financials (USD)
Sales 2021 35 061 M - -
Net income 2021 5 734 M - -
Net Debt 2021 8 501 M - -
P/E ratio 2021 28,6x
Yield 2021 1,67%
Capitalization 161 B 161 B -
EV / Sales 2021 4,82x
EV / Sales 2022 4,45x
Nbr of Employees 103 000
Free-Float 72,0%
Chart HONEYWELL INTERNATIONAL INC.
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Honeywell International Inc. Technical Analysis Chart | HON | US4385161066 | MarketScreener
Technical analysis trends HONEYWELL INTERNATIONAL INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 26
Last Close Price 232,65 $
Average target price 242,50 $
Spread / Average Target 4,23%
EPS Revisions
Managers and Directors
Darius Adamczyk Chairman & Chief Executive Officer
Gregory P. Lewis Chief Financial Officer & Senior Vice President
Krishna Mikkilineni SVP-Engineering Operation & Information Technology
Suresh Venkatarayal Chief Technology Officer
Victor J. Miller Secretary, Chief Compliance Officer & VP
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