Honeywell International (HON) shares declined Thursday after the aviation and safety equipment manufacturer missed sales estimates and lowered its revenue gu🐽idance as demand for its industrial automation products slumped. 

Honeywell reported third-quarter revenue rose almost 6% year-over-year to $9.73 billion, while analysts surveyed by Visible Alpha were looking for $9.89 billion. Adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $2.58 exceeded forecasts.

Honeywell's shares were recently off more than 5%, leaving them up just slightly for the year. The move weighed on the blue-chip Dow.

Sales at its Industrial Automation segment declined 5% to $2.50 billion, which the company blamed on "volume softness in warehouse and workflow solutions and safety and sensing technologies."

Sales got a big boost from Honeywell's Aerospace Technology sector, rising 12% to $3.91 billion, led by its defense and space offerings. Sales at its smaller Building Automation and Energy and Sustainability Solutions units were higher by 14% and 1%, respectively.

CEO Says Honeywell 'Executed Through a Challenging Environment'

澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Vimal Kapur said that the companyﷺ "executed through a challenging environment in the third quarter."

Kapur added that it made significant progress this year "on the simplification and optimization of the Honeywell portfolio," which included the planned 澳洲幸运5官方开奖结果体彩网:spinning off of its Advanced Materials division and the exiting of its personal protective equipment (🐬PPE) business, as well closing on four acquisitions.

The company explained that because of the closings of those purchases, along with third quarter-results and management's outlook for the rest of the year, it was lowering its 2024 sales forecast to a range of $38.6 billion to $3.88 billion from the earlier prediction $39.1 billion to $39.7 billion. It narrowed the range of adjusted EPS to $10.15 to $10.25 from $10.05 to $10.25.