Why Honeywell Stock Is Down Today
Honeywell International (NASDAQ: HON) beat earnings expectations for the quarter, but revenue was soft and earnings were aided by some below-the-line items. Investors weren't impressed, sending Honeywell shares down 4% as of 11:30 a.m. ET.
Honeywell is a diversified manufacturer with exposure to a lot of different businesses, but a lot of those end markets are facing headwinds right now. The company reported third-quarter earnings of $2.58 per share, $0.07 better than expectations, but revenue of $9.73 billion was below the $9.9 billion consensus.
The earnings number benefited from a lower-than-expected share count and effective tax rate. Strip out those gains, and segment profit matched expectations, with aerospace sales down 2%, industrial automation sales down 5%, energy flat, and building automation up 3% year over year.
Source Fool.com
