Honeywell Cuts Outlook; 1Q Matches

Honeywell International Inc. (HON) lowered its full-year earnings outlook today as global economic conditions continued to worsen.

The stock has declined more than 4% today, amid higher-than-usual volume of approximately 9.8 million, compared to average volume of about 6.6 million.

The conglomerate said full-year earnings are now expected between $2.85 and $3.20 per share, compared to the previous forecast of $3.20 to $3.55.

The lowered guidance is in-line with the consensus, which is down 4 cents over the past month to $3.05 per share.

Honeywell also lowered revenue guidance to between $32.3 billion and $33.2 billion compared to the earlier projection of $33.3 billion to $35.1 billion.

Meanwhile, first-quarter earnings came in at 54 cents per share, which matched the reduced consensus.

Honeywell's revenues declined 15% year over year to $7.6 billion as sales declined across all segments amid the recession.

HON is a Zacks #3 Rank ("Hold") stock.

Read the full analyst report on HON