3M and Honeywell, as well as ITT Corp (ITT.N) and XeroxCorp (XRX.N), join a growing list of U.S industrials that havelowered their 2009 profit forecasts. Just this week,Caterpillar Inc (CAT.N), Danaher Corp (DHR.N) and Eaton Corp(ETN.N) warned they would earn less this year than theypreviously expected FORECAST CUTS St. Paul, Minnesota-based 3M, a member of the widelywatched Dow Jones industrial average .DJI, said it expectsfull-year earnings to come to $3.90 to $4.30 per share, downfrom a prior forecast of $4.30 to $4.70. Analysts, on average, had looked for profit of $4 pershare, according to Reuters Estimates.
[ID:N24402436] “That original guidance was a little aggressive anyway,”said Morningstar analyst Adam Fleck. Morris Township, New Jersey-based Honeywell, which alsomakes thermostats and other automation systems for largebuildings, said it now expects to earn $2.85 to $3.20 per sharefor 2009, which would represent a profit drop of 15 percent to24 percent from the $3.76 per share in 2008 profit. Analysts had looked for profit of $3.09 per share.[ID:nN24330913] “Even the revised guidance seems to have some optimisticassumptions,” wrote UBS analyst Jason Feldman, in a note toclients. He noted that Honeywell’s forecast decline in businessjet sales was more modest than UBS’s. Honeywell believes aviation demand could bottom out laterthis year, Chief Financial Officer Dave Anderson said.[ID:nN24417030] ITT, which makes wastewater pumps and military equipment,cut its full-year earnings forecast to a range of $3.20 to$3.60 per share, below its February view of $3.60 to $4 Itcited a slowdown at its commercial markets. [ID:nN24395794] In the technology sector, Xerox, which makes printingequipment and supplies, cut its 2009 profit target to a rangeof 50 cents to 55 cents per share , down from a prior target of$1 to $1.25 per share.
[ID:nN24540687] 3M shares were up 3 percent to $55.75, Honeywell fell 5percent to $30.77, ITT slipped 1.5 percent to $41.68 and Xeroxwas up 5 percent to $6.03. That was at a time when the widelywatched Standard & Poor’s 500 index .SPX was up 1.4 percent. (Reporting by Scott Malone in Boston and Helen Chernikoff inNew York, additional reporting by Franklin Paul in New York andKaren Jacobs in Atlanta, editing by Dave Zimmerman) Stocks Global Markets. The securities of TFG have not been and will not beregistered under the US Securities Act of 1933 (the “Securities Act”), asamended, and may not be offered or sold in the United States or to US personsunless they are registered under applicable law or exempt from registration.TFG does not intend to register any portion of its securities in the UnitedStates or to conduct a public offer of securities in the United States.
