Honeywell International (NYSE:HON), an industrial conglomerate, reported a better-than-expected third-quarter profit as costs dropped, but it posted a revenue miss due to the strength of the U.S. dollar. Shares fell in premarket trades.
Net income increased to $1.26bn, or $1.60 per share, in the July-to-September quarter, from $1.17bn, or $1.47 per share, a year ago, the Morris Township, New Jersey said in a statement on Friday.
That beat the $1.55 average estimate of 20 analysts polled by Capital IQ.
Third-quarter sales fell 5% to $9.61bn from $10.11bn year-over-year. That fell short of the Wall Street consensus of $9.85bn.
Sales declined 2% in the company's aerospace business, and 3% in its automation and controls business.
Honeywell, which makes aerospace parts and climate control systems, also reiterated its 2015 profit guidance of $6.10 per share, but it cut its 2015 revenue forecast to $38.7bn from $39bn-$39.6bn.
Shares were trading down 0.9% at $97.65 as of 8:01 a.m. in New York. The stock had gained 12% over the past year.