Honeywell International Inc. (HON) - Get Report posted much stronger-than-expected third quarter earnings Thursday, and boosted the lower end of its full-year profit guidance even as it forecast revenues that fell shy of Wall Street forecasts.
Honeywell said adjusted earnings for the three months ending in September came in at $2.08 per shares, up 2.45% from the same period last year and just ahead of the Street consensus forecast of $2.01 per share. Group revenues, Honeywell said, fell 15.5% to $9.086 billion, a figure it expects will come in at $36.9 billion for the year, a modest reduction from prior forecasts thanks in part to a slowing global economy.
Full year earnings, however, will likely come in between $8.10 and $8.15 per share, a 15 cent improvement at the lower end from its prior forecast. Fourth quarter earnings were guided in the range of $2.00 to $2.05 per share.
"Overall, we had a strong third quarter, which was a continuation of very strong performance year-to-date," said CEO Darius Adamczyk. "We are well positioned in attractive end markets with multiple levers for value creation heading into 2020. We remain committed to delivering outstanding returns for our customers, shareowners, and employees over the long-term."
Honeywell shares were up 2.56% to $167.82 in trading Thursday.