Honeywell (HON) Higher Ahead of Much Anticipated Q3 Results

Honeywell (NYSE: HON), an aerospace and defense leader, traded higher today, up 4.25% to $38.53. The company is scheduled to release their third quarter earnings before the market opens tomorrow, October 23, 2009.

Honeywell had a Q209 EPS of $0.60 and revs of $7.60 billion, in-line on the EPS and a little shy of the revenue consensus. Q208 saw Honeywell with an EPS $0.97, above the consensus, and revenues of $9.28 billion, below the consensus.

Honeywell is up about 11% for the quarter and also up about 11% on the year. The Aerospace and Defense sector is up about 13% for the quarter and about 9% for the year, so Honeywell is keeping pace fairly well.

Data from Bloomberg has 12 analysts with a Buy rating, 10 with a Hold, and no one has a Sell rating. The analyst consensus price is $43.92.

FBR Capital recently upgraded the Multi-Industry and Electrical Equipment Sector, saying, "We expect to see upside results across the Multi-Industry & Electrical Equipment (MI-EE) sector in 3Q09, driven by restructuring savings, "less bad" YOY revenue declines, a weaker dollar, emerging markets demand, and a boost from lower raw material costs."

J.P. Morgan Comments on the sector: "After another leg up, the group enters Q3 with increasingly high expectations. Specifically or Honey well, expects a miss and/or a guide down."

Honeywell will issue its Q309 results via press release at approximately 7:00 AM (EDT) on October 23, 2009. Stay tuned to StreetInsider.com's Earnings section to see our analysis of the highly-anticipated quarterly results within seconds of their release.

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