Honeywell Cuts 2016 Guidance

Honeywell International (HON) - Get Report shares were taking a hit Friday after the company trimmed its earnings outlook. Honeywell now expects to earn $1.60 a share in the third quarter, compared with its prior outlook of $1.67 to $1.72 a share. Wall Street had been expecting earnings of $1.70 a share. The technology and manufacturing giant said the updated forecast reflects the separation of its Automation and Control Solutions Unit. The updated guidance also reflects its $1.5 billion purchase of Intelligrated, a U.S. distribution systems and logistics company. Honeywell also initiated fourth-quarter earnings guidance of $1.74 to $1.78 a share. For the full-year the company updated its earnings outlook to between $6.60 to $6.64 a share with core organic sales expected to decline 1% to 2%.

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