We are seeing probably the worst quarter that we are going to see from Honeywell, said Howard Rubel, aerospace and defense analyst at Jeffries & Co.
Honeywell reported a quarterly profit in line with consensus expectations, saying it was anticipating continued tough economic times. The diversified technology and manufacturing company also said in a statement that conditions for it remain challenging.
“You’re going to see grudging improvement, but there will be improvement,” Rubel told CNBC.
“Currency does make a difference…and emerging markets continue to show resiliency—they didn’t have the same kind of housing problem that we [in the U.S.] brought upon ourselves.”
Rubel said the company’s stock will be the first to turn as people move back into buildings.
“They will need to refurbish things and Honeywell does a lot of products that do wear out,” he said.
Rubel does not own shares of Honeywell.
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