BOSTON (Reuters) - Honeywell International Inc's profit rose a better-than-expected 16.3 percent, on strong sales of thermostats and other equipment used to manage large commercial buildings.
But the diversified manufacturer cut the top end of its profit forecast for the rest of the year. It expects to earn $3.76 to $3.80 per share. Previously it had looked for $3.75 to $3.85.
The world's largest maker of cockpit electronics said on Friday third-quarter profit increased to $719 million, or 97 cents per share, from $618 million, or 81 cents per share, a year earlier. That topped the average Wall Street estimate by 2 cents, according to Reuters Estimates.
Revenue rose 6.2 percent to $9.28 billion.
Chief Executive Dave Cote said the company is facing "a more difficult economic environment."
The Morris Township, New Jersey-based company has benefited from strong global investment in non-commercial construction.
Its shares have fallen by about half this year, a somewhat steeper slide than the 43 percent decline of the Standard & Poor's capital goods industry index <.GSPIC>.
(Reporting by Scott Malone; Editing by Steve Orlofsky and Derek Caney)