Honeywell Profits Slides (NYSE:HON)
Honeywell International Inc. (NYSE:HON) announced that they have lowered their 2009 revenue guidance as they have reported a slide of 15 percent in their third quarter earnings. The company further said that they still have a trend of weakness in their sales figures especially to commercial airlines. In July 2009, the company mentioned that they were expecting their earnings to be between 70 cents to 75 cents per share on revenue of US$7.7 billion to US$8.1 billion. However, the company was not able to meet their desired financial targets and the revenues of the company were way below what analysts had expected.
Honeywell International Inc. is a diversified technology and manufacturing company that serves customers globally with aerospace products and services. The company basically operates in four business segments and that is aerospace, automation and control solutions, specialty materials and transportation systems. The company also deals in sensing and security technologies for buildings, homes and industry, automotive products, turbochargers and process technology for refining and other petrochemicals and energy efficient products.
Honeywell International that is one of the leading makers for aircraft engines and transportation products announced that they now expect their profits to be around US$31 billion considering their annual revenue from July 2009. The cut came as the quarter’s revenue was at the low end of Honeywell’s estimate, though they have decent earnings in 2009. Honeywell earlier also made an announcement that the demand for business jets is already low and is likely to erode further if the market conditions are not favorable. However, Honeywell’s CEO and Chairman David Cote said that Honeywell will continue to build robust pipeline for a global market and that the company will come out stronger compare to other companies that have been hit by the global economic recession previous year.
