Honeywell International Inc’s third-quarter earnings have risen 16 per cent due to sales of building controls and safety gear, however future earnings aren’t looking so bright.
The company lowered its full-year revenue forecast and narrowed the range of its profit projection, gearing towards “recessionary conditions” in the United States and Europe next year, according to a Reuters report.
Honeywell said inconsistent demand for its security products and other systems used to manage large commercial buildings, as well as declining demand for autos and slowing growth in global flying hours darkened its outlook for 2009, regardless of a high turn-over throughout the past three months.
“We’re planning for recessionary conditions in the U.S. and Europe” said Honeywell chief financial officer, Dave Anderson, as reported by Reuters.
The manufacturing technology giant, which includes an automation and control solutions business in Australia, said it is now looking towards only a 2 per cent growth in fourth-quarter sales.
Honeywell’s Sydney office can be contacted by calling 02 9353 7000, or visiting www.honeywell.com.au