UPDATE: Honeywell Posts Upbeat Q3 Earnings

Honeywell International HON reported upbeat earnings for the third quarter and lifted the low end of its 2014 earnings forecast. The Morris Township, New Jersey-based company posted quarterly net income of $1.192 billion, or $1.47 per share, compared to $1.007 billion, or $1.24 per share, in the year-ago period. Its sales climbed to $10.108 billion versus $9.647 billion. However, analysts were expecting earnings of $1.41 per share on sales of $10.06 billion. Sales for Aerospace segment came in approximately flat, while Automation and Control Solutions sales rose 9% in the quarter. Sales for Performance Materials and Technologies segment climbed 7%. Honeywell Chairman and CEO Dave Cote said,"The continued integration and maturation of the Honeywell Operating System throughout our global portfolio is helping to drive sales, margin, earnings, and cash flow higher, and plenty of runway remains. We are committed to our ongoing seed planting investments to bolster our great positions in good industries and continuous process improvements to mitigate ongoing global macroeconomic uncertainties.” Honeywell now expects 2014 earnings of $5.50 to $5.55 per share on sales of $40.3 billion to $40.4 billion. It also projects free cash flow of $3.9 billion. Honeywell shares fell 0.10% to $86.30 in pre-market trading.