Honeywell (HON) reported earnings of 60 cents per diluted share, unchanged from the second quarter of 2009. Sales rose 8% to $8.2 billion, driven by strong gains in transportation systems and specialty materials.

Earnings excluding non-cash pension expenses were up 24% to 78 cents a share, the company said in a statement.

"We believe the recovery is happening," said Honeywell CEO Dave Cote. "However, given ongoing economic uncertainties, we remain cautious about the near-term outlook."

The company forecasts 2010 sales of $32.4-32.9 billion and earnings in the range of $2.40-2.50 per share on a reported basis