Tags: Honeywell | 2011 | Profit | Surge

Honeywell: 2011 Profit to Surge 17 to 24 Percent

Wednesday, 15 Dec 2010 10:21 AM

Diversified U.S. manufacturer Honeywell International Inc. said it expects 2011 profit to rise 17 to 24 percent, a range that at its midpoint would be below analysts' expectations.

The world's largest maker of cockpit electronics Wednesday forecast 2011 profit per share of $3.50 to $3.70. Analysts, on average, had expected $3.63, according to Thomson Reuters I/B/E/S.

Honeywell forecast sales would rise 6 percent to 9 percent to between $35 billion and $36 billion. Analysts had forecast $35.74 billion.

"We're clearly growing faster than the markets we serve, and combined with the improved outlook for the global economy, we're confident in our expectations for higher revenues, segment margin expansion, strong cash flow, and double-digit earnings growth in 2011," said David Cote, the Morris Township, New Jersey-based company's chief executive.

Honeywell reiterated its 2010 profit forecast of $2.98 per share on sales of $33 billion.

Its shares fell 1 percent to $52 in premarket trading.

Honeywell and fellow U.S. industrial conglomerate Danaher Corp. are capping a wave of 2011 forecasts from big manufacturers. 3M Co. and United Technologies Corp. have forecast profit growth of about 10 percent, the midpoint of their target ranges, and General Electric Co. has said it expects "strong" profit growth.

© 2017 Thomson/Reuters. All rights reserved.

 
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Diversified U.S. manufacturer Honeywell International Inc. said it expects 2011 profit to rise 17 to 24 percent, a range that at its midpoint would be below analysts' expectations. The world's largest maker of cockpit electronics Wednesday forecast 2011 profit per share of...
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2010-21-15
Wednesday, 15 Dec 2010 10:21 AM
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