Honeywell Affirms Outlook, Unaffected by Economy
Diversified manufacturer Honeywell International, the world's leading maker of cockpit electronics, Monday reaffirmed its sales and profit forecasts for the year, and said US economic weakness so far has had minimal impact on its businesses.
"We feel pretty good about where we are," CEO Dave Cote told an electrical industry conference in Florida. "The aerospace cycle looks good over the next four or five years."
Honeywell said in presentation materials it expects 2008 sales in a range of $36.8 billion to $37.4 billion, and earnings per share of $3.70 to $3.80.
Asked about the impact of a possible US recession on Honeywell's range of businesses, Cote said: "If this is as bad as a recession gets for us, then this isn't going to be so bad at all."
Other than orders tied to new construction, Honeywell has seen "almost no diminution in order trends."
He added the company tried to budget conservatively for costs and new investments in case the economy slows appreciably, but "so far we really haven't seen it."
Honeywell shares edged downward in premarket trading.