MORRISTOWN (dpa-AFX) - Honeywell International Inc. (HON), a technology and manufacturing company, reported Friday that its third-quarter net income attributable to the company declined slightly to $1.24 billion from last year's $1.26 billion. Earnings per share of $1.60 remained flat with last year.
The latest results included $0.07 per share deployed to restructuring. Excluding the charge, adjusted earnings were $1.67 per share.
On average, 19 analysts polled by Thomson Reuters expected earnings of $1.70 per share for the quarter. Analysts' estimates typically exclude special items.
Operating income margin dropped 270 basis points to 15.6%.
Sales increased 2 percent to $9.80 billion from last year's $9.61 billion. Analysts were looking for sales of $9.79 billion.
Looking ahead, the company said it is ell-positioned for double-digit earnings growth in the fourth quarter, leading to 8%-9% earnings growth in 2016.
The company also said it intends in the fourth quarter to refinance outstanding debt maturing in 2017-2019, which will lower interest expense by approximately $60 million annually beginning in 2017.
For fiscal 2016, the company continues to expect earnings per share Ex-Pension MTM between $6.60 and $6.64.
Sales are expected to be in a range of $39.4 billion to $39.6 billion, a growth of 2% to 3% from last year.
Core organic sales are still expected to be down 1-2 percent for the full year.
Analysts expect earnings of $6.68 per share on sales of $39.63 billion for the year.
Honeywell Chairman and CEO Dave Cote said, 'Moving ahead, we are targeting low single-digit core organic sales growth, continued segment margin improvement, and a double-digit increase in EPS in 2017.'
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