MORRIS TOWNSHIP, N.J.—Honeywell recently reported its third quarter earnings for 2001.

Honeywell’s free cash flow was up 5% to $353 million. The company incurred after-tax charges of $668 million and lost 38 cents per share.

The company’s third-quarter sales are $5.8 billion, with double-digit sales growth in commercial air transport and regional OE, turbochargers and industry solutions. Sales also grew in military OE and fire & security.

The company expects 2002 cost productivity of $1.3 billion and expects earnings performance to improve in the 4th quarter of 2001 and in 2002 .

Honeywell said that the third-quarter ongoing net income was $360 million or 44 cents per share, excluding $668 million (after-tax) in repositioning and other charges.