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(HON) - Get Honeywell International Inc. (HON) Report

lowered its earnings estimates for the third quarter and full year, saying an economic recovery "is not materializing."

The company expects full-year earnings per share to range from $2.00 to $2.05, with third-quarter earnings of 50 cents to 52 cents a share.

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Analysts expected earnings of 60 cents a share for the third quarter and $2.27 for the full year, according to results of a survey by Thomson First Call.

"Our businesses are running well. Unfortunately it is a very difficult environment. Aggressive cost actions and productivity initiatives will enable the company to hold earnings flat despite a 7% decline in 2002 sales," said Honeywell Chairman and Chief Executive Dave Cote.

"This year, we are on target to deliver $1.3 billion in cost productivity and expect to generate an additional $400 million in free cash flow over last year, on a path to a record of $1.8 billion," he said.