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Honeywell 3Q Income Falls 18 Percent

Fri, 10/22/2010 - 4:08am

MORRISTOWN, N.J. (AP) — Honeywell International Inc. says third-quarter net income fell 18 percent because of a charge for pension expenses.

But the technology and manufacturing company beat Wall Street estimates and it boosted its earnings forecast for the year.

The company says revenue grew 9 percent, to $8.39 billion, due to increased sales of automotiveturbochargers, general industrial products and commercial aviation equipment.

Honeywell on Friday reported net income of $499 million, or 64 cents per share, compared with $608 million, or 80 cents per share, in the same quarter last year.

Without the pension charge, Honeywell says it would have made 82 cents per share.

Analysts polled by Thomson Reuters expected earnings of 62 cents per share on revenue of $8.2 billion.

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