(Reuters) - Diversified U.S. manufacturer Honeywell International Inc forecast a fiscal 2013 profit mostly below estimates, partly because of a charge from its Intermec Inc acquisition announced on Monday, and said it expected slow economic growth next year.
Chief Executive Officer Dave Cote , who is known for his strong views on the perils of the "fiscal cliff," did not mention it as a reason for the weaker-than-expected forecast in a statement on Monday morning.
The company, whose many industrial products include cockpit electronics and automotive turbochargers, said it would buy mobile computing device maker Intermec for $600 million, or $10 per share.
Shares of Honeywell fell 0.4 percent to $61.72 in morning trading.
Honeywell said the deal, which offers Intermec shareholders a 25 percent premium from Friday's closing stock price, would hurt 2013 earnings by 3 cents to 4 cents per share.
It forecast a 2013 profit of $4.75 to $4.95 per share, excluding items, while analysts on average expect $4.95, according to Thomson Reuters I/B/E/S.
Honeywell said it expected revenue of $39.0 billion to $39.5 billion for 2013, which compares with analysts' expectations of $39.42 billion.
"While Intermec strengthens our core scanning and mobile computing business, it opens up entirely new opportunities in RFID (radio frequency identification), voice solutions and barcode and receipt printing segments that we currently don't serve," said Roger Fradin, CEO of Honeywell's automation and control products unit.
Shares of Intermec rose 23 percent to $9.80.
(Reporting by Sayantani Ghosh in Bangalore; Additional reporting by Ernest Scheyder in New York; Editing by Roshni Menon and Lisa Von Ahn)
Blog List
-
Kaley Cuoco Shows Off Fit Physique In Skin-Revealing Yoga Outfit - By Suzy Byrne Kaley Cuoco leaving yoga class in L.A. on Monday. (X17online.com)Kaley Cuoco gave new meaning to hot yoga on Monday when she emerged from cla...12 years ago
Pageviews
Popular Posts
-
1. PHLIP Ages 4-up Overall rating: 4.1 out of 5 stars Why we like it: PHLIP is a spatial relations puzzle where yo...
-
For the FPS Maniac: Halo 4 After the sheer success of Halo 3 in 2007, it was difficult to imagine a more complete and...
-
LOS ANGELES (Reuters) - Twenty years after Quentin Tarantino unveiled his first film "Reservoir Dogs," the director has turned his...
-
WASHINGTON (Reuters) - Secretary of State Hillary Clinton on Monday received an official review of the September attack on a U.S. diplom...
-
CHICAGO (AP) Patrick Fitzgerald has prosecuted mobsters, terrorists, a White House aide and two Illinois governors. On Thursday, the former ...
-
(Reuters) - Cable maker Belden Inc said it bought privately held PPC , which makes connectors used in broadband and wireless services, fo...
-
Owls don't need eyes in the back of their heads to see what's behind them they can just swivel their heads all the way around. In fa...
-
Booker at the Democratic National Convention (Joe Raedle/Getty Images) Cory Booker has been known to run into burning buildings to save his...
-
AMSTERDAM (AP) With the Van Gogh Museum in Amsterdam closed for renovations until April, the world's second-largest collection ...
-
WELLINGTON, New Zealand (AP) Thirsty and thin, a royal penguin has been found stranded on a New Zealand beach more than 1,000 miles from its...