October 19, 2012 / 10:41 AM / 6 years ago

Honeywell's profit rises 10 percent, tops Wall Street view

(Reuters) - Diversified U.S. manufacturer Honeywell International Inc reported a 10 percent rise in quarterly earnings as declining natural gas prices helped boost profits at its UOP chemical arm, offsetting weakness in Europe.

A view of the corporate sign outside the Honeywell International Automation and Control Solutions manufacturing plant in Golden Valley, Minnesota, January 28, 2010. REUTERS/ Eric Miller

The maker of aircraft electronics and building control systems said on Friday that third-quarter earnings came to $950 million, or $1.20 per share, compared with $862 million, or $1.10 per share, a year earlier.

The results came in 6 cents per share ahead of the analysts’ average estimate of $1.14, according to Thomson Reuters I/B/E/S.

Honeywell tightened its full-year profit forecast to a range of $4.45 to $4.50 per share. Its previous outlook was $4.40 to $4.55, and analysts had expected $4.50.

“Looking ahead to 2013, we are planning for a continued challenging macro environment, but expect to deliver good growth,” Chief Executive Officer Dave Cote said in a statement.

Third-quarter sales were up less than 1 percent to $9.34 billion, shy of Wall Street’s $9.51 billion target. Sales rose 4 percent at the Morris Township, New Jersey-based company’s aerospace arm, reflecting strength in commercial aviation, but fell 10 percent at the transportation systems unit on weak European demand for automotive turbochargers.

Honeywell shares fell 1 percent to $60.80 in premarket trading.

Reporting by Scott Malone and Tim McLaughlin in Boston; Editing by Lisa Von Ahn

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