On November 17, 2010, Honeywell International (HON) lowered its fiscal 2010 earnings forecast to reflect a change in the calculation of pension expenses.
The company stated that this change in accounting method is to make its financial performance easier to compare with its peer companies. Honeywell said that due to the change to a mark-to-market accounting system, the fourth quarter will need to include an accounting expense of $1.12 per share.
The company cut its full-year earnings forecast for the full year from $2.52 to $1.86 and expects a fourth-quarter loss of about 25 cents per share.
Honeywell said that this accounting change will not affect its basic operations or cash flow.
According to the new pension calculation method, Honeywell recapitulated some of its past performance, downgraded its 2009 fiscal year earnings per share to 80 cents to 2.85 dollars, and lowered its fiscal 2008 earnings per share figure to 2.68 dollars to 1.08 US dollars.
The company reiterated that it plans to contribute 600 million U.S. dollars to its pension plan in the fourth quarter and plans to contribute another one billion U.S. dollars in 2011.
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