Honeywell International Inc. announced earnings before the bell Friday, reporting a narrow third-quarter earnings miss accompanied by a positive outlook for its full-year earnings. Net income increased to $618 million ($0.81/share) compared to $541 million ($0.66/share) last year. Revenues climbed 9.8% to $8.74 billion. The company fell slightly short of analysts' earnings projections of a profit of $0.82/share on $8.58 billion of sales. CEO Dave Cote said in the release (full transcript available later today), "Great positions in good industries are driving Honeywell's consistent performance and global growth… We believe that the company is well positioned for continued growth and we remain confident in our business outlook." The company said it now sees full-year profits coming in on the high-end of its projections of $3.14 - $3.16/share and upped its full-year revenue target by $300 million to $34.2 billion. For the year, shares of Honeywell are 34% higher, however the company's third-quarter earnings disappointed investors, and sent shares lower by 2.5% to $59.20 in pre-market trading.
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Stocks to watch: HON. Competitors: GR, JCI, UTX. ETFs: VIS, UXI
Earnings call transcript: Honeywell Q2 2007