Honeywell Cuts Outlook; 1Q Matches – Zacks Tale of the Tape
Source: http://www.zacks.com/stock/news/19502/Honeywell+Cuts+Outlook%3B+1Q+Matches+-+Zacks+Tale+of+the+TapePosted on Friday, April 24th, 2009 | In Market Commentary, Stocks to Watch
Honeywell International Inc. (HON) lowered its full-year earnings outlook today as global economic conditions continued to worsen.
The stock has declined more than 4% today, amid higher-than-usual volume of approximately 9.8 million, compared to average volume of about 6.6 million.
The conglomerate said full-year earnings are now expected between $2.85 and $3.20 per share, compared to the previous forecast of $3.20 to $3.55.
The lowered guidance is in-line with the consensus, which is down 4 cents over the past month to $3.05 per share.
Honeywell also lowered revenue guidance to between $32.3 billion and $33.2 billion compared to the earlier projection of $33.3 billion to $35.1 billion.
Meanwhile, first-quarter earnings came in at 54 cents per share, which matched the reduced consensus.
Honeywell’s revenues declined 15% year over year to $7.6 billion as sales declined across all segments amid the recession.
HON is a Zacks #3 Rank (”Hold”) stock.
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