Honeywell Q3 sales declined, revenue forecast cutStaff writer ▼ | October 16, 2015
Honeywell announced results for the third quarter of 2015. Sales in performance materials and technologies business, which caters to industries including oil and gas and chemicals, fell 13 percent in the third quarter.
Honeywell 2015 revenue to be $39 billion-$39.6 billion
Honeywell said orders had been declining in its business that provides equipment and products for petroleum refining and gas processing, which would hurt the unit's 2016 sales.
Core sales growth in the company's aerospace business, its largest, was also lower than expected at 2 percent, partly due to muted demand from makers of commercial vehicles.
Honeywell had forecast a rise of 3-4 percent in the business, which makes aircraft engines and turbochargers for diesel and gas engines for cars and trucks.
The company cut its 2015 revenue forecast to $38.7 billion from $39 billion-$39.6 billion. ■