Honeywell Profit Plunges

Honeywell International(HON Quote) posted a 31% slump in second-quarter profit Thursday and expects a similar drop in the third quarter amid persistent weakness in the aerospace sector.

Citing "a difficult economic environment", the manufacturer reported net income of $319 million, or 37 cents a share, in line with estimates, down from $459 million, or 56 cents a share in the year-ago period. Honeywell blamed higher pension costs and lower sales at its more profitable businesses for the decline.

But revenue climbed 1.7% to $5.75 billion, from $5.65 billion a year earlier with the help of a weaker dollar. ...