Honeywell sees 2009 profit down 6-16 percent

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By Scott Malone

BOSTON (Reuters) - Diversified U.S. manufacturer HONEYWELL (HON.NY)International Inc expects profit to fall between 6 percent and 16 percent next year, as a deepening global recession pounds the construction, aviation and automotive markets it serves.

The world's largest maker of cockpit electronics expects the overall global economy to grow 1 percent next year. But in the United States, where it generates about half its sales, Honeywell expects the economy to contract.

Its shares soared as much as 10 percent with investors expressing relief that the company's profit target and cash flow outlook was not more dire.

"It's not that big a stretch at this point for companies to come in and say, 'Yeah, things are bad, but we're still going to earn money," said Peter Klein, senior portfolio manager at Fifth Third Asset Management in Cleveland, which holds Honeywell shares.

"People are pricing companies as if they're going out of business, as if they're going to be challenged for years," he added. "If companies start steering them away from that, you're going to get a relief rally."

Honeywell expects to earn $3.20 to $3.55 per share in 2009, compared with a forecast of $3.76 to $3.80 for this year, though it warned that fourth-quarter results were tracking toward the bottom of that range.

Wall Street had expected 2009 profit of $3.40 per share, according to Reuters Estimates.

The company expects 2009 revenue to come to $33.6 to $35.3 billion, down from an expected $36.6 billion this year.

"We're clearly planning for a tough economic environment in '09 with negative growth in the U.S. and Europe and moderating growth in the key emerging regions," said Dave Anderson, chief financial officer. "Our guidance for '09 is built upon what we believe are achievable top line targets with aggressive cost management actions."

Honeywell shares rose $2.05 to $31 on the New York Stock Exchange. Even with that climb, shares are still down 49 percent for the year, in line with the 48 percent decline of the Standard & Poor's capital goods industry index <.GSPIC>.

The Morris Township, New Jersey-based company also makes thermostats and security systems for managing large buildings as well as automotive turbochargers and specialty chemicals.

It expects a 2 percent drop next year in global flying hours, which influences demand for parts and services on aircraft. It also forecast a decline in U.S. and European Union nonresidential construction activity -- which had held up even as the U.S. housing market tumbled.

Honeywell joins a growing list of big U.S. industrials that have warned Wall Street profit may fall next year. United Technologies Corp last week laid out a 2009 forecast that allows for as much as a 5 percent decline in profitability while 3M Co said profit could be down about 8 percent.

General Electric Co is expected to offer its 2009 outlook on Tuesday.

Honeywell's rivals include United Tech in aerospace and building control systems, Goodrich Corp in aviation and DuPont Co in specialty materials.

(Reporting by Scott Malone; Editing by Derek Caney)

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