Honeywell Beats Profit Estimates, Narrows Outlook

It expects a 'challenging' economic environment in 2013

   

Honeywell International (NYSE:HON) announced on Friday that it earned $950 million during the third quarter, up 10% from $862 million in the same period last year. EPS came in at $1.20, topping the $1.14 that Wall Street expected, Bloomberg noted.

The equipment manufacturer posted quarterly revenue that edged up 0.5% from last year to $9.34 billion. That fell short of the $9.5 billion analysts had forecast.

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Investors liked the stronger earnings, sending Honeywell shares up more than 2% in Friday midday trading.

Company officials refined their profit outlook for the year. They now predict Honeywell to earn between $4.45 and $4.50 a share, compared to previous guidance of between $4.40 and $4.55 a share. They said they expect next year to remain a “challenging macro environment.”

However, they predicted a weaker current quarter, estimating earnings of between $1.13 and $1.18 a share, which is below the profit of $1.19 a share that analysts are predicting.


Article printed from InvestorPlace Media, http://investorplace.com/2012/10/honeywell-beats-profit-estimates-narrows-outlook/.

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