Honeywell Says SEC Has Opened Probe into Its Asbestos-Claims Accounting
October 19 2018 - 1:07PM
Dow Jones News
By Kimberly Chin
Breaking News....
Honeywell: SEC Has Opened Investigation Into Accounting
Honeywell Says SEC Looking at Asbestos Related Claims
Honeywell Says Will Cooperate With SEC Probe
Honeywell Says SEC Enforcement Division Opened Probe in
Sept.
Honeywell Says It Revised Asbestos Liabilities as of Dec.
2017
Honeywell Says Liabilities Are $1.1B More than Its Prior
Estimate
(More to Come)
Previously...
Honeywell International Inc. lowered its profit guidance to
reflect the spinoffs in its home and transportation businesses,
while also reporting positive quarterly results supported by higher
volumes and demand for its warehouse automation and aerospace
segments.
Honeywell now expects to earn between $7.95 and $8 a share,
lower than its previous range of $8.05 to $8.15 a share. It expects
sales to come in between $41.7 billion and $41.8 billion, compared
with its previous guidance of $43.1 billion to $43.6 billion. It
also expects organic sales growth to hit 6%, compared with its
prior guidance of between 5% and 6%.
The company recently spun off its transportation-systems
business as a separate entity called Garrett Motion Inc., and it
plans to complete the spinoff of its home business, which will
become Resideo Technologies Inc., on Oct. 29.
Net sales at the New Jersey-based industrials firm rose 6% to
$10.76 billion from the same quarter a year ago. Product sales were
up 5%, while service sales rose 10%. Honeywell reported sales
increases in all of its segments: aerospace, home and building
technologies, performance materials and technologies and safety and
productivity solutions. Analysts polled by Refinitiv were expecting
sales of $10.75 billion.
Honeywell reported profit rose 73% to $2.34 billion, or $3.11 a
share, from a year ago. On an adjusted basis, the company earned
$2.03 a share. Analysts expected the company to earn $1.99 a share.
Honeywell said it received a tax benefit of $498 million.
Shares of Honeywell, up 2.3% for the year, rose 3.2% to $160.17
a share in premarket trading on low volume.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
October 19, 2018 13:52 ET (17:52 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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