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Honeywell hits 2Q target
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July 18, 2000: 7:50 a.m. ET
Dow component meets lowered forecast with gain in profits, revenue
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NEW YORK (CNNfn) - Diversified manufacturer Honeywell met lowered earnings expectations for the second quarter Tuesday.
The component of the Dow Jones industrial average earned $605 million, or 75 cents a diluted share, excluding special charges, in line with the forecasts of analysts surveyed by First Call. But that estimate was lowered after a warning from the company June 19. The company confirmed it would hit the 75-cent-a-share mark last week, but lowered guidance for the remainder of this year and for next year, as well as its future earnings growth rate.
The company earned $535 million, or 66 cents a diluted share, in the second quarter of 1999 before special charges. Those results are for the former AlliedSignal, which bought Honeywell and adopted its name at the end of last year.
Including special charges, net income came to $617 million, or 76 cents a diluted share in the most recent period, up from $540 million, or 67 cents a share, in the year-earlier period. Revenue rose to $6.3 billion from $6.0 billion a year earlier.
Shares of Honeywell (HON: Research, Estimates) gained 1-5/8 to 37-3/4 in trading Monday. 
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Honeywell
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