Honeywell Beats Views Despite Profit Drop

Updated from 7:25 a.m. EDT

MORRIS TOWNSHIP, N.J. (TheStreet) -- Honeywell(HON Quote) reported third-quarter earnings of $608 million, or 80 cents a share, a decrease from a year-earlier but above the average estimate of analysts, as sales and profit fell in all its segments.

Honeywell, a military and aerospace manufacturer, said the latest quarter included a gain of 4 cents a share from lower-than-expected taxes. Sales fell to $7.7 billion from $9.28 billion.

Analysts surveyed by Thomson Reuters expected Honeywell to earn 72 cents a share on sales of $7.88 billion.

The company forecast 2009 earnings of $2.85 a share on sales of about $31 billion. Analysts currently expect earnings of $2.78 a share on sales of $31.46 billion.

Sales in Honeywell's aerospace division dropped 16%, while profits declined 12%. Its automation and control solutions division saw sales decline 14%, while profit was flat.

-- Reported by Joseph Woelfel in New York .

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