Honeywell International Inc. on Wednesday reiterated its 2009 outlook, but the manufacturing conglomerate forecast 2010 earnings below analyst estimates.
In a statement, Honeywell Chairman and CEO Dave Cote said that the economy is improving, which is boosting orders for most of the company's businesses.
"As we finish 2009, we are seeing signs of improvement in the global economy and stabilization in a number of our end markets," Cote said.
Cote also said that the company is also benefiting from new products and strong growth in emerging markets.
For 2009, Honeywell predicted earnings of $2.85 per share on $31 billion in sales.
On average, analysts polled by Thomson Reuters expect profit of $2.84 per share and revenue of $31.05 billion.
However, Honeywell forecast 2010 earnings between $2.20 and $2.40 per share, including non-cash pension expenses, which is below the $2.50 per share expected by analysts.
Honeywell predicted sales between $31.3 billion and $32.2 billion, compared to the $31.59 billion forecast by analysts.
Honeywell, which makes products for sectors including aerospace, automotive and construction, is based in Morris Township, N.J.