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Honeywell 2014 Sales Forecast Falls Short of Estimates

Tuesday, 17 Dec 2013 09:54 AM

Honeywell International Inc., a maker of cockpit electronics and climate control systems, forecast 2014 sales slightly below analysts' expectations.

Honeywell shares were down marginally in premarket trading on Tuesday, although the manufacturing conglomerate was generally upbeat about the year ahead.

"We expect 2014 to be another strong year for Honeywell with across-the-board growth in sales, margin, EPS, and free cash flow," Chief Executive Dave Cote said in a statement.

The company said it expected economic conditions next year to be similar to 2013.

Honeywell forecast sales of $40.3 billion-$40.7 billion in 2014. Analysts on average expect $41.1 billion, according to Thomson Reuters I/B/E/S.

Honeywell, which cut its 2013 sales forecast in October citing the delayed closing of its $600 million purchase of mobile computing device maker Intermec, maintained its sales estimate of $38.8 billion-$39 billion on Tuesday.

The company expects earnings of $5.35 to $5.55 per share for 2014, compared with the average analyst forecast of $5.55.

Honeywell has been hurt by U.S. government cost cutting and supply chain problems at its defense and space business, which supplies equipment to the military and the government.

The supply problems had largely been fixed, Honeywell said in October.

The defense and space business contributed about 12 percent of Honeywell's revenue in 2012.

The company said on Tuesday it would continue to focus on cost cutting to drive margin growth.

Honeywell's shares were down 0.3 percent at $87.11 before markets opened on Tuesday. They have risen 40 percent in the past 12 months, outperforming the S&P 500 index.

© 2017 Thomson/Reuters. All rights reserved.

 
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Honeywell International Inc., a maker of cockpit electronics and climate control systems, forecast 2014 sales slightly below analysts' expectations.
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2013-54-17
Tuesday, 17 Dec 2013 09:54 AM
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