Honeywell downgrades fourth quarter earnings forecast

US conglomerate Honeywell International lowered its profit forecasts for the fourth quarter of 2016, sending its share price on a downward spiral in pre-market trading on Friday.

The company makes engines and parts for aircraft and aerospace companies, as well as a whole host of other commercial and industrial products.

Honeywell said its expected earnings for the fourth quarter would now be around $1.74 per share, having previously provided a range of between $1.74-$1.78.

For 2017, Honeywell expects earnings per share of $6.85 to $7.10, with analyst estimates previously having predicted $7.08 per share.

The firm's shares dropped by 9% in trading before the opening bell on Friday morning.

"Sentiment around Honeywell is as negative as it's been in years following the 3Q miss and ongoing uncertainty about the direction of earnings as the CEO transition plays out," J.P.Morgan analyst Stephen Tusa said in research note on Thursday.