Earnings Review: General Electric Company (NYSE:GE) & Honeywell International Inc.(NYSE:HON)

Honeywell International Inc.(NYSE:HON) on Friday reported 10 percent rise in the third quarter helped by a decline in natural gas prices that helped in raising profitability at its UOP chemical unit.

The company said that it earned $950 million or $1.20 a share in the third quarter, compared with $862 million or $1.10 a share in the year-ago period.

The figures were slightly more than what the Street had estimated at $1.14 a share.

Third-quarter sales were up less than 1 percent to $9.34 billion, shy of Wall Street's $9.51 billion target.

Honeywell tightened its full-year profit forecast to a range of $4.45 to $4.50 per share. Its previous outlook was $4.40 to $4.55, and analysts had expected $4.50.

"Looking ahead to 2013, we are planning for a continued challenging macro environment, but expect to deliver good growth," Chief Executive Officer Dave Cote said in a statement.

Honeywell shares rose about 1.75 percent to $62.49 in Friday’s session.

General Electric Company(NYSE:GE) reported an 8.3 percent rise in net profit for the third quarter but revenues came in below street expectations.

Third-quarter net income increased to $3.49 billion, or 33 cents per share, from $3.22 billion, or 22 cents per share, a year earlier.

Excluding one-time items, the profit was 36 cents per share, meeting the analysts' average estimate.

 Revenue rose to $36.35 billion from $35.36 billion. Wall Street expected $36.94 billion.

It stood by its forecasts of earnings for the full year though sales are seen rising only 3 percent.

"We're not assuming that Europe gets any better," Chief Executive Officer Jeff Immelt told investors on a conference call. "We're looking at '13 being kind of like '12, with the big variable being the fiscal cliff."

Shares of GE tumbled 3.42% to $22.03 in Friday’s session.