Honeywell announced third quarter 2009 sales of US$7.7 billion versus US$9.3 billion in the third quarter last year.
Earnings were US$0.80 per share compared to US$0.97 per share in the third quarter of 2008.
In its transportation segment, sales were down 24% compared with the third quarter of 2008 due to lower volumes primarily driven by lower sales to global automotive OE customers and the negative impact of foreign exchange, partially offset by new platform launches with automotive OE customers and share gains in the automotive aftermarket retail channel.
“Honeywell is positioning its businesses for long-term growth by continuing to invest in new products and services, geographic expansion, and key process initiatives,” said Honeywell Chairman and CEO Dave Cote. “We executed well in the third quarter with sales on track and better than expected earnings and free cash flow performance.
“We’re particularly pleased with our free cash flow performance year-to-date, which reflects our strong operating disciplines and working capital controls. These results reflect the impact of the growth investments and productivity actions we have taken in the midst of tough market conditions.”
Honeywell forecasts 2009 sales of approximately US$31 billion, earnings per share of US$2.85 and free cash flow of US$3 billion.
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