Honeywell bullish on 2010 outlook, affirms targets

19 February 2010 16:06  [Source: ICIS news]

TORONTO (ICIS news)--Honeywell is confident that it will perform well this year as economies recover, the diversified global technology company said on Friday as it affirmred its 2010 sales target of around $31.3bn-$32.2bn (€22.8bn-€23.5bn).

"The outlook for Honeywell is bright," said CEO Dave Cote.

"We performed well in the last recovery, well in the recession and will perform even better in this recovery,” he said.

Honeywell's 2010 outlook compares with its sales performance of $30.9bn in 2009 and $36.5bn in 2008.

For the 2010 first quarter ending on 31 March, sales were expected to come in at around $7.2bn-$7.6bn, Honeywell said. This compares with sales of $8.1bn Honeywell recorded in the recent 2009 fourth quarter.

Cote did not comment on the outlook for Honeywell’s chemicals and specialty segments, or its UOP petrochemicals technology division.

Honeywell’s range of chemical products includes ammonium nitrate, chemical intermediates such as caprolactam, as well as nylon 6 advanced fibres and refrigerants, among others.

In addition to chemicals and specialty materials, Honeywell is focused on aerospace, automation and control and transportation systems.

($1 = €0.73)

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By: Stefan Baumgarten
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