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Honeywell Reduces Full-Year Sales Target Amid Global Supply Chain Issues

By John F. Heerdink, Jr.

Reportedly, Honeywell International Inc. (HON) released third-quarter earnings ended Sept. 30 reporting net sales of $8.47 billion, higher from $7.80 billion a year earlier but below analysts’ average estimate of $8.65 billion. Earnings of $2.02 per share were reported beating estimates of $1.99 per share, benefiting from a rise in commercial and business aviation.

The company cut its full-year sales forecast, as global supply chain disruptions caused by a shortage of parts and components, narrowed its full-year profit forecast range to $8.00 to $8.10, from $7.95 to $8.10 earlier. Honeywell informed shortage of parts had curtailed production in its biggest segment, the aerospace unit, also its electronic component shortage was hurting its safety and productivity solutions unit. The company cut its full-year sales estimates to between $34.2 billion and $34.6 billion, compared with its prior forecast of $34.6 billion to $35.2 billion.

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(Read Original Story: UPDATE 2-Honeywell cuts full-year sales target on parts shortage in Reuters)


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