|
Honeywell sets 3Q charge
|
 |
September 24, 2001: 2:13 p.m. ET
Aerospace parts maker sees up to $1B charge, expands planned job cuts
|
NEW YORK (CNNfn) - Honeywell International Inc. Monday raised the number of jobs it plans to cut and told analysts it will take a $900 million to $1 billion third-quarter charge.
Honeywell spokesman Tom Crane said a substantial amount of that charge will go for severance and costs of furloughing 10,500 workers.
Honeywell (HON: up $2.11 to $26.91, Research, Estimates), a Dow Jones industrial average component, said by year end it will have cut 16,000 jobs, or 13 percent of its work force.
That figure is in line with the company's previous guidance. Last week Honeywell estimated it would cut more than 12,000 jobs by the end of the year, up from a previous announcement of 8,200 cuts.
The 10,500 furloughed workers are included in the job cut figures, Crane said. Honeywell will have closed 51 sites by year's end.
The company also lowered third-quarter earnings guidance last week, saying it expects to earn 43 to 45 cents a share, missing the First Call estimate of 53 cents per share as well as the 76 cents a share it earned a year earlier. 
|
|
|
|
|
|
Honeywell
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
