UPDATE 1-Honeywell cuts full-year revenue forecast
Oct 18 (Reuters) - U.S. manufacturing conglomerate Honeywell International Inc posted lower-than-expected quarterly revenue and cut its full-year sales forecast on Friday, citing delays in closing sales to some customers.
The company, which makes cockpit electronics and systems to manage the climate and security of large buildings, also raised the bottom end of its full-year profit outlook by 5 cents a share.
Honeywell has been working to increase productivity and cut costs in the past year, part of a wide-ranging plan to improve results.
Honeywell now expects to earn $4.90 to $4.95 per share in 2013. The top end of the forecast matches analysts' expectations, according to Thomson Reuters I/B/E/S.
The company, though, now expects 2013 revenue of $38.8 billion to $39 billion, down from a previous forecast of $38.9 billion to $39.3 billion.
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, missing the $9.92 billion that analysts expected.
Honeywell Chief Executive Officer David Cote blamed the revenue miss on delays in closing sales in the company's Intermec data identification unit, as well as to defense and space customers.
Shares of the Morris Township, New Jersey-based company fell 1.4 percent to $85.50 in premarket trading.