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Honeywell hits 3Q EPS mark
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October 24, 2001: 7:59 a.m. ET
Diversified manufacturer says it's in line for 4Q EPS target despite weak revenue.
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NEW YORK (CNNmoney) - Honeywell International Inc. hit lowered third-quarter earnings forecasts Wednesday and said it is on target to meet or exceed current fourth-quarter earnings estimates.
The diversified manufacturer earned $360 million, or 44 cents a share, in the third quarter excluding special items. That's in line with the forecasts of analysts surveyed by First Call but well below the $613 million, or 76 cents a share, it earned a year ago, and down from the 53 cent EPS forecast before a Sept. 18 warning from the company.
Revenue fell to $5.8 billion from $6.2 billion a year earlier, putting it just below the First Call forecast of $5.9 billion.
The company said it now expects fourth-quarter EPS of 54 to 56 cents and revenue of $5.8 billion. First Call's forecast is for EPS of 54 cents in that period, with revenue of $6.3 billion.
Shares of Honeywell (HON: Research, Estimates), a component of the Dow Jones industrial average, lost 35 cents to $27.60 in trading Tuesday. 
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