quote.bloomberg.com
09/12 16:44
Honeywell Cuts 3rd-Qtr and Full-Year Profit Forecasts (Update1)
By Jonathan Berr
Morris Township, New Jersey, Sept. 12 (Bloomberg) -- Honeywell International Inc., the largest maker of cockpit electronics, reduced its third-quarter and 2002 profit forecasts for the second time this year because an economic recovery isn't materializing.
Third-quarter profit will be 50 cents to 52 cents a share, Honeywell said in statement. Full-year profit will be $2 to $2.05.
Sales of commercial aerospace equipment, automation controls, such as those used to measure liquid in factories, and of chemicals haven't been meeting the company's projections. In July, Chief Executive Officer David Cote cut the company's forecast to as low as $2.25 for the year and to as low as 60 cents for the quarter.
Analysts expected 60 cents in the quarter and $2.27 this year, the average estimates from a survey by Thomson First Call. Cote said Honeywell is facing a ``difficult'' operating environment.
Shares of Honeywell, based in Morris Township, New Jersey, fell 18 cents to $28.34 at 4:17 p.m. in composite trading on the New York Stock Exchange. They have dropped 16 percent since the start of the year. |
