Honeywell Profits Rise 2.6 Percent; Company Braces for “More Challenging” 2009

Honeywell posts in-line profit, keeps outlook
Reuters

Honeywell International Inc (NYSE:HONNews) reported a 2.6 percent rise in profit that met Wall Street forecasts, and the diversified U.S. manufacturer held its outlook steady as it braces for a “more challenging” year.

The rise in profit reported came despite a 6.1 percent decline in sales, reflecting the company’s sharp focus on cost-cutting over the past few years.

Shares of world’s largest maker of cockpit electronics rose 1 on Friday, while U.S. stocks were generally down on grim economic data.

“We believe (Honeywell) is still underappreciated for the substantial restructuring actions that were taken in 2007 and 2008,” said Citigroup analyst Jeffrey Sprague, in a note to clients.

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