Honeywell Sales Fall Short Of Estimates

Honeywell Inc. said Friday it has net income of $1.24 billin, or $1.60 a share, in the third quarter, compared with $1.26 billion, or $1.62 a share, in the year-earlier period. Excluding a 7 cents per share restructuring charge, per-share earnings came to $1.67, ahead of the FactSet consensus of $1.60. Sales rose 2% to $9.611 billion from $9.804 billion, below the FactSet consensus of $9.786 billion. Chief Executive Dave Cote sad the company is on track for double-digit earnings growth in the fourth quarter and for 8% to 9% growth in 2016. The defense company funded about $250 million in restructuring in the quarter and expects to achieve more than $175 million of benefits in 2017. The company is now expecting 2016 sales of $39.4 billion to $39.6 billion and adjusted per-shares earnings of $6.60 to $6.64. The FactSet consensus is for 2016 sales of $39.6 billion and EPS of $6.61. Shares were down 0.9% premarket, but are up 5% in the year so far, slightly ahead of the S&P 500 , which is up 4.8%.