Honeywell Reaffirms Guidance, Announces Buyback (HON)

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Diversified manufacturer Honeywell International Inc. ( HON ) late Tuesday reaffirmed its 2011 earnings forecast and announced a $3 billion share buyback program.

The Morristown, NJ-based company also said it expects first quarter earnings of 80 cents per share on revenue of $8.7 billion. Wall Street analysts are looking for a higher profit of 82 cents per share, on $8.57 billion in revenue.

Honeywell said the planned $3 billion share buyback would help offset the dilutive effects of employee stock compensation plans. CEO Dave Cote commented, "We continue to see strength in the global economic recovery and are confident in our outlook for 2011 and beyond."

Honeywell shares fell 29 cents, or -0.5%, in premarket trading Wednesday.

The Bottom Line
Shares of Honeywell ( HON ) have a 2.32% dividend yield, based on last night's closing stock price of $57.30. The stock has technical support in the $50-$55 price area. If the shares can firm up, we see overhead resistance around the all-time high levels of $60-$63 a share.

Honeywell International Inc. ( HON ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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