Honeywell profit meets estimates, trims forecast

The world's largest maker of cockpit electronics, which is facing a coordinated downturn in its core aviation and construction markets, said on Monday it expects no economic recovery this year.

HONEYWELL (HON.NY)now looks for full-year earnings of $2.85 per share, at the low end of its prior forecast of $2.85 to $3.20. It cut its revenue forecast to $31.5 billion, below its prior range of $32.3 billion to $33.2 billion.

"Economic conditions ... remain challenging and we are not planning for any recovery in 2009," said Chairman and Chief Executive Dave Cote, in a statement.

Honeywell, which also makes systems to manage the temperature and security of large buildings, said second-quarter income came to $450 million, or 60 cents per diluted share, compared with $723 million, or 96 cents per diluted share, a year earlier.

Revenue at the Morris Township, New Jersey-based company fell 22 percent to $7.57 billion.

Analysts, on average, had looked for earnings of 60 cents per share on revenue of $7.68 billion, according to Reuters Estimates.

For the year, Wall Street had looked for profit of $2.83 per share.

So far this year, Honeywell shares are up 3.5 percent, while the Standard & Poor's capital goods industry group is down 3.4 percent.

Its competitors include United Technologies Corp in aerospace and building control systems, Goodrich Corp in aviation and DuPont Co in specialty materials.

(Reporting by Scott Malone; Editing by Derek Caney and Gerald E. McCormick)