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Earnings down at Honeywell

HONEYWELL International Inc said yesterday its first-quarter earnings dropped 38 percent as the broader downturn in commercial aviation and vehicles weighed heavily on the manufacturer's sales. It also cut its earnings forecast for the year.

Honeywell has warned that 2009 would be difficult, and the latest quarterly results show that it has been hurt by its exposure to some of the hardest-hit areas of the economy.

The diversified manufacturer reported first-quarter net income of US$397 million, or 54 US cents per share, down from US$643 million, or 85 US cents per share, in the same quarter last year. Honeywell said sales fell 14.6 percent to US$7.57 billion.

Analysts were expecting 54 US cents per share in quarterly earnings on revenue of US$7.53 billion.

The company's aviation unit, which makes radars and other gear for commercial planes, saw sales slip 9 percent to US$2.76 billion. Commercial aerospace has been battered by a drop in global flight hours during the economic slowdown.

Honeywell saw the fastest sales drop in its transportation division, where it makes products such as turbo chargers for car engines. Sales dropped 41 percent to US$756 million.


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