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The diversified manufacturer, whose products include aircraft engines and parts, said that it expects to earn 43 to 45 cents a share, missing the current EPS forecast of 53 cents by analysts surveyed by earnings tracker First Call, as well as the 76 cents a share it earned a year earlier.
The company also said it is looking at full-year earnings of $2.00 to $2.10, below the $2.20 forecast and the $2.83 it earned in 2000.
The company said it is looking at an overall cut of more than 12,000 positions this year. The company had previously announced up to 8,200 job cuts.
Tom Crane, spokesman for the company, said about three-quarters of the jobs being eliminated have already been eliminated or the affected employees had been notified of the cut.
The company said that it does expect a drop in products used by commercial jets, but that segment only accounts for about 15 percent of its business overall.
Lawrence Bossidy, who returned as CEO of the company once known as Allied Signal after regulators blocked the purchase of Honeywell by General Electric Co., suggested anticipated military action could help its defense portion of the business and that it could also gain if private jet travel gets a boost from wealthy travelers concerned about commercial jets.
"We expect strong defense aftermarket revenues combined with some renewed interest in business jet travel to partially offset softness in commercial air transport markets," said Bossidy.? "These factors plus accelerated cost productivity gains are expected to help offset income lost from the commercial air transport business."
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