МОSCOW (MRC) -- Honeywell International Inc. (HON), a technology and manufacturing company, reported Friday that its third-quarter net income attributable to the company declined slightly to USD1.24 billion from last year's USD1.26 billion. Earnings per share of USD1.60 remained flat with last year, said Finanznachrichten.
The latest results included USD0.07 per share deployed to restructuring. Excluding the charge, adjusted earnings were USD1.67 per share.
On average, 19 analysts polled by Thomson Reuters expected earnings of USD1.70 per share for the quarter. Analysts' estimates typically exclude special items. Operating income margin dropped 270 basis points to 15.6%.
Sales increased 2 percent to USD9.80 billion from last year's USD9.61 billion. Analysts were looking for sales of USD9.79 billion. Looking ahead, the company said it is ell-positioned for double-digit earnings growth in the fourth quarter, leading to 8%-9% earnings growth in 2016.
The company also said it intends in the fourth quarter to refinance outstanding debt maturing in 2017-2019, which will lower interest expense by approximately $60 million annually beginning in 2017. For fiscal 2016, the company continues to expect earnings per share Ex-Pension MTM between USD6.60 and USD6.64.
Sales are expected to be in a range of USD39.4 billion to USD39.6 billion, a growth of 2% to 3% from last year. Core organic sales are still expected to be down 1-2 percent for the full year. Analysts expect earnings of USD6.68 per share on sales of USD39.63 billion for the year.
Honeywell Chairman and CEO Dave Cote said, 'Moving ahead, we are targeting low single-digit core organic sales growth, continued segment margin improvement, and a double-digit increase in EPS in 2017.'
As MRC informed earlier, Honeywell says that president and COO Darius Adamczyk will succeed Dave Cote as CEO on 31 March 2017. Cote, who has been chairman and CEO of Honeywell since 2002, will continue as executive chairman until the company’s annual meeting in April 2018.
Honeywell UOP has an 80-year history in China, beginning in 1937 when it built one of China’s first refineries in Yumen. It was one of the first American companies invited back to China during the 1970s, to help modernize the Chinese petroleum industry. More recently, Honeywell UOP hydroprocessing and Platforming technology has helped China develop cleaner-burning transportation fuels to combat air pollution.
MRC