Honeywell releases profit warnings and announces retirement of current chairman

After the merger plan with GE was voted down, Honeywell released profit warnings yesterday and downgraded the profit forecast in Q2 with per share profit ranging from 53 cents to 55 cents, lower than the market expectation of 60 cents. The relevant estimation did not include the one-off provision of US$575-625mln. What¡¦s more, the company anticipated the income in Q2 was US$6bln. Furthermore, the company will announce Michael Bonsignore, the chairman and CEO of the company to retire and to be succeeded by the former CEO Lawrence Bossidy.

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