Honeywell Reaffirms Outlook Despite ‘Slow’ Economic Growth

By IndustrialsFOXBusiness

Honeywell International (NYSE:HON) reaffirmed on Wednesday its first-quarter and 2013 outlook, citing expansion and expected long-term growth, despite facing continued economic headwinds.

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Shares of the company edged higher to $71.33, up 65 cents on the news.

Honeywell, which manufactures commercial and consumer products, anticipates per-share earnings of $1.10 to $1.15 and sales growth in the low single-digits in the first quarter. For the full year, the company is looking for per-share earnings of $4.75 to $4.95 on sales of $39 billion to $39.5 billion, which would reflect a 4% to 5% gain over 2012.

The company added that it is on track to achieve its 2014 targets, despite slow global economic growth.

“Our business model is working,” said Honeywell chairman and CEO Dave Cote.

“Honeywell will continue to fund smart seed planting investments, including disciplined acquisitions, high growth region expansion, differentiated technologies and increased capacity to deliver on business we've already won. We also intend to return cash to shareowners through opportunistic buy-backs and increased dividends.”

The company is holding its annual investor conference on Wednesday.