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Honeywell Sees '08 Sales Up 5%-7%

Shares rise 1.1%.


(HON) - Get Report

affirmed its forecast for this year and said sales in 2008 should rise 5% to 7%.

The New Jersey-based diversified manufacturing company sees next year's sales at $36.1 billion to $36.7 billion, with earnings of $3.65 to $3.80 a share. Analysts are looking for $3.67 on the bottom line and revenue of $36.3 billion.

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"Our strong financial results in 2007 are attributable to our great positions in good industries," said Chairman and Chief Executive Officer Dave Cote. "Favorable macro trends supported organic growth and productivity improvement initiatives drove greater efficiencies throughout the company."

His statement also said that while there is greater uncertainty in the outlook for the global economy next year, "we're confident in our ability to deliver another great year."

Previously, Honeywell projected earnings of $3.14 to $3.16 a share and revenue of $34.2 billion for 2007.

Shares of Honeywell, a component of the

Dow Jones Industrial Average

, were up 1.1% to $58.35.