The company posted first-quarter net income of $1.02 billion (607.03 million pounds), or $1.28 per share, compared with $966 million, or $1.23 per share, in the year-ago quarter.
By that measure, analysts expected earnings of $1.26 per share, according to Thomson Reuters I/B/E/S.
Net sales rose 4 percent to $9.68 billion, missing the $9.74 billion estimate from Wall Street.
Honeywell lifted the bottom end of its 2014 earnings forecast. The company now expects to earn $5.40 to $5.55 per share this year, where previously the bottom end of that range had been $5.35 per share.
Wall Street expects the company to earn $5.54 per share this year.
Shares of Honeywell, which closed Thursday at $93.30 per share, have gained 2.1 percent so far this year.
(Reporting by Ernest Scheyder; Editing by Chizu Nomiyama)