Honeywell shares jump after quarterly report

Shares of Honeywell International Inc. rose more than 3% after the company raised its profit forecast for the full year and stressed that it has "confidence" in the demand for its products, despite difficult economic conditions.

The company reported net income of $1.55 billion, or $2.28 per share, compared to $1.26 billion, or $1.80 per share, a year earlier. Analysts monitored by FactSet had expected earnings of $2.16 per share. Honeywell's revenue increased to $8.95 billion from $8.47 billion, while the FactSet consensus was $8.98 billion.

The company said that their backlog remains near a record, ending the third quarter at $29.1 billion, which is 9% higher compared to the previous year. Now the company expects annual earnings of $8.70 to $8.80 per share, while previously it expected $8.55 to $8.80 per share.