Honeywell said its earnings will be sharply lower.

The Minneapolis-based computer company blamed its expected decline in second-quarter profits on “weakness in industrial and computer markets.” In the year-ago quarter, Honeywell earned $74.3 million, or $1.59 per share. The company is the latest of many in the computer industry to report financial difficulties. It said it expects improvement in the second half of the year and full-year results that “match or modestly exceed” its 1984 profit of $239 million, or $5.10 per share. Also, Honeywell said it will buy up to 2 million of its common shares on the open market.