Heart Rate Monitor and Calories

I purchased a watch which records my heart rate while exercising. Last night I used it for the first time after I ran on the treadmill for 42 mins covering 7K at 6.2mph. The treadmill monitor stated I had burned 560 calories however when I used the watch it said I had burned 116 calories. do you think this is correct or have I maybe not used it properly? I thought it was rather low.