Honeywell 1Q falls 38 percent

[April 24, 2009]  WASHINGTON (AP) -- Honeywell International Inc. says its first-quarter earnings dropped 38 percent as the broader downturn in commercial aviation and autos weighed heavily on the company's sales.

The Morristown, N.J.-based diversified manufacturer also lowers its outlook, saying it expects the global economic slowdown to continue. It now forecasts 2009 earnings of between $2.85 to $3.20 per share, down 35 cents. Analysts expect $3.03 per share.

Honeywell reports first-quarter net income of $397 million, or 54 cents per share, down from $643 million, or 85 percent, in the same quarter last year.

Honeywell says sales fell 14.6 percent to $7.57 billion

Analysts were expecting 54 cents per share in quarterly earnings on revenue of $7.53 billion.

[Associated Press]

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