Honeywell cuts full-year sales target expecting hit from supply disruptions

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Honeywell cuts full-year sales target expecting hit from supply disruptions
© Reuters/DENIS BALIBOUSE A logo of Honeywell is pictured on their booth during EBACE in Geneva

(Reuters) -Honeywell International Inc on Friday cut its full-year sales forecast, as the U.S. industrial conglomerate anticipates pressure from global supply chain disruptions.

The company said it updated its full-year guidance to “reflect the persistent effects of the macro-challenged environment as well as the third-quarter results”.

It cut its full-year sales estimates to between $34.2 billion and $34.6 billion, compared with prior forecast of $34.6 billion to $35.2 billion.

It also narrowed full-year profit forecast range to $8.00 to $8.10, from the prior forecast of $7.95 to $8.10.

Net income attributable to the company rose to $1.26 billion, or $1.80 per share, in the third quarter ended Sept. 30, from $758 million, or $1.07 per share, a year earlier.

Honeywell’s quarterly net sales rose to $8.47 billion from about $7.80 billion a year earlier.

(Reporting by Kannaki Deka and Ashwini Raj in Bengaluru; Editing by Shinjini Ganguli)

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