Honeywell International (NYSE: HON) — one of 30 companies listed on Executive Mosaic’s GovCon Index — has reported third quarter earnings of $1.60 per share, five cents higher than the Wall Street consensus forecast of $1.55 per share.
Net income for the conglomerate in the third quarter was $1.3 billion versus the $1.2 billion, or $1.47 per share, that Honeywell reported for the same quarter last year.
The company has updated its guidance to $6.10 in earnings per share for its 2015 fiscal year, which runs on a calendar year basis, and lowered its full-year revenue outlook to $38.7 billion from the previous range of between $39 billion and $39.6 billion.
Expenses fell about 7 percent to $6.65 billion and operating margins climbed to 18.3 percent from the 16.2 percent reported for the prior year period.
Revenue declined 4.9 percent from the prior year period to $9.61 billion – a figure $240 million below the Wall Street forecast — while sales fell year-over-year in all three operating segments.
The company attributed the decline in sales to a strong U.S. dollar and said its revenue rose 1 percent without the impacts of currency exchanges and acquisitions or divestitures.
Aerospace segment revenue fell 2 percent from the prior year period, sales in the automation and control business declined 3 percent and the performance materials segment was down 13 percent.
Within the aerospace segment, defense and space sales jumped 1 percent on growth in international markets.
The company said that aerospace segment sales climbed 2 percent and 3 percent in the automation and controls business without the impact of foreign currency rates.
Excluding currency exchanges, sales were down 3 percent in the performance materials segment.
