Honeywell Cuts Sales Projections
October 06 2016 - 8:13PM
Dow Jones News
By Maria Armental
Honeywell International Inc. on Thursday cut its sales
projections, citing a business slowdown and delays.
The Morris Plains, N.J.-based conglomerate now projects adjusted
profit of $6.60 to $6.64 a share with sales down 1% to 2% from the
year ago. It previously projected $6.60 to $6.70 a share in profit
with sales declining about 1%.
Honeywell said sales would fall 3% in the third quarter and that
segment margin would narrow to a range of 17.3% to 17.5%. In July,
Honeywell had projected sales in the quarter to remaining flat or
increase 1% from the year-ago period with segment margin in the
18.7% to 18.9% range.
Shares, up 12% this year, fell 4.5% to $110.39 in after-hours
trading.
Best known as a maker of aircraft parts and climate control
systems, Honeywell has been expanding its industrial software
business, adding privately held Intelligrated this year in a $1.5
billion cash deal and spinning off its resins and chemical business
as a separately traded public company.
A Wall Street darling the stock of which has surged since the
financial crisis, Honeywell unsuccessfully sought to merge with
United Technologies Corp., a deal that largely died over antitrust
concerns as it would have brought together two of the largest
players in the aerospace and commercial-building equipment
businesses.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
October 06, 2016 19:58 ET (23:58 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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