HONEYWELL’S STOCK HAMMERED IN WAKE OF PREDICTED EARNINGS SHORTFALL; STRATEGIC SUMMIT SET FOR JULY
MORRIS TOWNSHIP, N.J.
Honeywell announces that it will hold an investment analyst meeting in New York Monday, July 10, with a simulcast on the company’s Web site (http://www.honeywell.com). “We will use the meeting to discuss the actions being taken to accelerate productivity, reduce our costs, implement strategic actions, as well as provide an update on the company’s financial outlook for the remainder of the year and beyond,” says Michael R. Bonsignore, chairman and CEO.
The announcement comes a day after reports surfaced that Honeywell would soon announce weaker-than-expected second-quarter earnings due to unanticipated parts shortages in its aerospace unit, higher material prices and higher interest rates. The manufacturing giant, formed by the merger of Honeywell and AlliedSignal last December, said it expects to earn 73 cents to 77 cents a share this quarter, based on the company’s performance through May. Honeywell stock immediately slid nearly 18 percent following the announcement. Honeywell is a $24 billion diversified technology and manufacturing leader, employing approximately 120,000 people in 95
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