Updated from 7:32 a.m. EDT

Honeywell's ( HON) first-quarter earnings fell 38% to $399 million, or 54 cents a share, from $647 million, or 85 cents a share a year earlier, numbers that it said were in line with the company's expectations as "slow" global economic conditions continued.

Sales in the quarter fell to $7.6 billion, a decline from $8.9 billion a year earlier, as a broader downturn in commercial aviation and autos weighed heavily.

Analysts polled by Thomson Reuters expected the diversified manufacturer to to earn 54 cents a share in the quarter on sales of $7.5 billion.

In a statement Friday, Honeywell said it expects full-year earnings of $2.85 to $3.20 a share on sales of $32.3 billion to $33.2 billion, down 35 cents. Analysts expect earnings of $3.03 a share.

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