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Honeywell Reports In Line Q3 Earnings

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Honeywell Reports In Line Q3 Earnings

Shares of Honeywell International Inc. (NYSE:HON) traded to the downside on Monday morning following a flat third quarter result. Honeywell, which makes everything from airplane cockpit parts, to industrial equipment, and a host of other electronics and equipment, reported a 4 percent increase in quarterly profit on Friday. These small gains came largely in line with expected with its results weakened by lower defense and space sales. Even with lower sales these segments, the company was able to eek out gains through improvements in its small divisions. The company posted third-quarter net income of $990 million, or $1.24 per share, compared with $950 million, or $1.20 per share, a year earlier. Revenue rose 3 percent to $9.65 billion.

Honeywell was in line with the experts on Wall Street. Analysts had expected the giant to report earnings excluding items of $1.24 a share on $9.92 billion in revenue, according to a consensus estimates. Many economists and traders alike are looking towards the company’s earnings as a measure of economic strength. Any company as large as Honeywell offers great insight into the broad economic strength of the United States and abroad. Shares of the company traded lower by 0.28 percent at the time of this writing, roughly $0.26 per share, to $84.52 per share.

Using this current data, we see the company trades at 20 times this year’s earnings, just above the broad market. Honeywell’s $1.64 yearly dividend offers investors a moderate 2 percent dividend yield. Going into the rest of the week, we should get more clarity from analyst through upgrades and or downgrades. Shares of the company are higher by 36 percent this year alone, strong out performance in comparison the the S&P 500 which has returned roughly 20 percent.

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