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NEW YORK (TheStreet) -- Honeywell (HON) - Get Honeywell International Inc. Report lowered its fourth-quarter and full-year earnings guidance to account for a new pension accounting policy.

Honeywell now projects a fourth-quarter loss of about 25 cents a share on a reported basis vs. the company's prior earnings estimate of about 78 cents a share.

The company now expects full-year earnings of $1.86 a share on a reported basis, vs. a prior estimate of about $2.52 a share.

Honeywell said it believes its new accounting method will make its earnings more comparable to that of peers; for instance, under the current method, amortization periods are half that of most of its peers.

"We think the difference in our reported pension expense relative to our peer group using our current accounting masks the underlying strength of our businesses," Honeywell Senior Vice President and Chief Financial Officer Dave Anderson explained.

-- Written by Andrea Tse in New York.

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