Recovery? $29 Billion Manufacturer Reports Revenues Off 17%

Honeywell (HON), a big, diversified manufacturer, reported earnings Friday morning. The company earned 80 cents a share, beating estimates for 72 cents, but revenues were off 17%, more than $1.5 billion to $7.7 billion. They cut Selling, General & Administrative expenses by $275 million (21%), saving 36 cents a share for the quarter.

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Disclosure: Top Gun has no position in Honeywell shares.