Honeywell Shares Jump Following Q3 Report, Higher Forecast (HON)

By Staff,

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Diversified technology and manufacturing company Honeywell International Inc. ( HON ) on Friday posted better-than-expected third quarter earnings and raised its full-year outlook, sending its shares higher in premarket trading.

The Morristown, NJ-based company reported third quarter net income of $862 million, or $1.10 per share, compared with $598 million, or 76 cents per share, in the year-ago period.

Revenue rose 14% from last year to $9.30 billion.

On average, Wall Street analysts expected a smaller profit of $1 per share on lower revenue of $9.27 billion.

Looking ahead, the company boosted its full-year 2011 sales forecast to a range of $36.5 billion to $36.7 billion, up from a prior outlook of $36.1 billion to $36.7 billion. It now expects 2011 profits of $4 to $4.05 per share, compared with a previous view of $3.85 to $4.

Honeywell shares rose $1.94, or +4%, in premarket trading Friday.

The Bottom Line
Shares of Honeywell ( HON ) have a 2.74% dividend yield, based on last night's closing stock price of $38.46. The stock has technical support in the $42-$45 price area. If the shares can firm up, we see overhead resistance around the $50-$53 price levels.

Honeywell International Inc. ( HON ) is not recommended at this time, holding a DARS™ Rating of 3.3 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 Nasdaq, Inc.

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This article appears in: Investing Stocks
Referenced Stocks: HON

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