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Honeywell Delivers Earnings Per Share of $1.75 and Sales of $10.1 Billion
[October 20, 2017]

Honeywell Delivers Earnings Per Share of $1.75 and Sales of $10.1 Billion


MORRIS PLAINS, N.J., Oct. 20, 2017 /PRNewswire/ -- Honeywell (NYSE: HON) today announced financial results for the third quarter of 2017.

"Honeywell delivered another quarter of high-quality financial results, with organic growth of five percent, segment margin expansion of 120 basis points, and earnings per share of $1.75, up 16 percent2 year-over-year," said Darius Adamczyk, President and Chief Executive Officer of Honeywell. "This was a standout quarter for us when it comes to organic growth. Our Aerospace aftermarket business grew more than seven percent, our warehouse automation business continued to grow at a double-digit pace, and there was broad strength across Performance Materials and Technologies, led by 25 percent organic sales growth in UOP. We also saw good momentum in orders and backlog, with double-digit backlog growth in UOP, Intelligrated, Defense, and Honeywell Building Solutions, positioning us for future growth.

"The investments we have made in people, capital expenditures, research and development, and M&A are delivering outstanding growth for our shareowners," Adamczyk said. "Also, we continue to improve the cost structure of our businesses through ongoing restructuring actions, and in the third quarter, we dedicated approximately $120 million to new projects.

"Last week, we announced our intention to spin our Homes and Global Distribution business and our Transportation Systems business into two independent public companies by the end of next year. The spun businesses will benefit from being able to make independent investment decisions that will better position them for growth and value creation for decades to come. After completion of the spins, Honeywell will have a more focused and growth-oriented portfolio that benefits from cross-Honeywell synergies. These actions will position the company to deliver sustained financial outperformance," Adamczyk continued. "Honeywell is well positioned in both the short and long term, and we anticipate a strong finish to 2017."

Honeywell also reaffirmed its full-year earnings-per-share guidance of $7.05 to $7.10, up nine to 10 percent year-over-year, excluding divestitures, any pension mark-to-market adjustments, and 2016 debt refinancing charges. Earlier this month, the company raised the low end of the range by five cents.

Honeywell will discuss the results during its investor conference call today starting at 9:30 a.m. Eastern Daylight Time.

Third Quarter Performance

Honeywell sales for the third quarter were up five percent on an organic basis and up three percent on a reported basis. The difference between reported and organic sales relates to the 2016 spin-off of the former Resins and Chemicals business in Performance Materials and Technologies and the 2016 divestiture of the Aerospace government services business, partially offset by the acquisition of Intelligrated in Safety and Productivity Solutions and the impact of foreign currency translation. The third-quarter financial results can be found in Tables 1 and 2, below.

Aerospace sales for the third quarter were up four percent on an organic basis driven by growth in Commercial Aftermarket and lower year-over-year customer incentives, strength in U.S. defense, and continued recovery in commercial vehicles in Transportation Systems. Segment margin expanded 290 bps to 21.3 percent, primarily driven by the lower customer incentives, productivity net of inflation, and the favorable impact of the 2016 divestiture of the government services.

Home and Building Technologies sales for the third quarter were up two percent on an organic basis driven by Smart Energy program roll-outs, air and water product sales in China, and continued growth in the Distribution business. Segment margin expanded 10 bps to 16.4 percent, driven by restructuring benefits, productivity net of inflation, and commercial excellence, partially offset by the unfavorable impact of higher sales from lower margin products and investments for growth, including research and development.

Performance Materials and Technologies sales for the third quarter were up 10 percent on an organic basis driven by strong growth in every business, including 25 percent growth in UOP driven by robust catalyst, licensing, equipment, and gas processing volumes; continued demand for Solstice® low-global-warming products in Advanced Materials; and short-cycle demand within Honeywell Process Solutions. Segment margin expanded 170 bps to 23.3 percent, primarily driven by commercial excellence, productivity net of inflation, and the favorable impact from the spin-off of the former Resins and Chemicals business.

Safety and Productivity Solutions sales for the third quarter were up 3 percent on an organic basis driven by increased demand for industrial safety products, voice-enabled workflow solutions and Movilizer software, and double-digit organic sales growth at Intelligrated, a leading provider of warehouse automation solutions, which Honeywell acquired in 2016. Segment margin expanded 40 bps to 15.1 percent, primarily driven by productivity net of inflation, partially offset by acquisition amortization and integration costs. Excluding the impact of acquisitions, segment margin expanded 190 bps.

To participate on the conference call, please dial (866) 548-4713 (domestic) or (719) 457-1036 (international) approximately ten minutes before the 9:30 a.m. EDT start. Please mention to the operator that you are dialing in for Honeywell's third quarter 2017 earnings call or provide the conference code HON3Q17. The live webcast of the investor call as well as related presentation materials will be available through the "Investor Relations" section of the company's Website (www.honeywell.com/investor). Investors can hear a replay of the conference call from 1:30 p.m. EDT, October 20, until 1:30 p.m. EDT, October 27, by dialing (888) 203-1112 (domestic) or (719) 457-0820 (international). The access code is 1952662.

 

 

TABLE 1: SUMMARY OF FINANCIAL RESULTS – TOTAL HONEYWELL




3Q 2016

3Q 2017

Change

Sales

9,804

10,121

3%

Organic



5%

Segment Margin

17.5%

18.7%

120 bps

Operating Income Margin

15.6%

17.8%

220 bps

Earnings Per Share




Reported

$1.60

$1.75

9%

Ex-Divestitures & Additional 3Q17 Restructuring, Normalized for Tax

$1.51

$1.75

16%

Cash Flow From Operations

1,554

1,407

(9%)

Free Cash Flow3

1,280

1,195

(7%)





 

 

TABLE 2: SUMMARY OF FINANCIAL RESULTS – SEGMENTS










AEROSPACE

3Q 2016

3Q 2017

Change

Sales

3,601

3,657

2%

Organic



4%

Segment Profit

663

780

18%

Segment Margin

18.4%

21.3%

290 bps









HOME AND BUILDING TECHNOLOGIES








Sales

2,701

2,790

3%

Organic



2%

Segment Profit

441

458

4%

Segment Margin

16.3%

16.4%

10 bps









PERFORMANCE MATERIALS AND TECHNOLOGIES




Sales

2,329

2,260

(3%)

Organic



10%

Segment Profit

503

526

5%

Segment Margin

21.6%

23.3%

170 bps













SAFETY AND PRODUCTIVITY SOLUTIONS




Sales

1,173

1,414

21%

Organic



3%

Segment Profit

172

213

24%

Segment Margin

14.7%

15.1%

40 bps

Ex-M&A



190 bps









 

 

Honeywell (www.honeywell.com) is a Fortune 100 software-industrial company that delivers industry specific solutions that include aerospace and automotive products and services; control technologies for buildings, homes, and industry; and performance materials globally. Our technologies help everything from aircraft, cars, homes and buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable.  For more news and information on Honeywell, please visit www.honeywell.com/newsroom.

This release contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices, as well as the ability to effect the separations. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements, including with respect to any changes in or abandonment of the proposed separations. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.

1 Cash Flow From Operations Less Capital Expenditures 
2 Earnings per share variance excludes 2016 divestitures and additional 3Q17 restructuring funding enabled by a lower than planned effective tax rate, normalized for tax at 26 percent 
3 Cash Flow From Operations Less Capital Expenditures

 

Contacts:



Media   

Investor Relations

Scott Sayres    

Mark Macaluso 

(480) 257-5921   

(973) 455-2222

[email protected]    

[email protected]   

 

 

Honeywell International Inc.

Consolidated Statement of Operations (Unaudited)

(Dollars in millions, except per share amounts)












Three Months Ended


 Nine Months Ended



September 30,


September 30,



2017


2016


2017


2016










Product sales

$        8,052


$    7,744


$    23,671


$    23,398

Service sales

2,069


2,060


6,020


5,919

Net sales

10,121


9,804


29,691


29,317










Costs, expenses and other








    Cost of products sold  (A)

5,648


5,594


16,545


16,545

    Cost of services sold  (A)

1,225


1,309


3,534


3,726



6,873


6,903


20,079


20,271

    Selling, general and administrative expenses (A)

1,447


1,367


4,177


3,976

    Other (income) expense

(63)


(180)


(85)


(197)

    Interest and other financial charges

81


82


235


252



8,338


8,172


24,406


24,302










Income before taxes

1,783


1,632


5,285


5,015

Tax expense

418


384


1,188


1,214










Net income

1,365


1,248


4,097


3,801










Less: Net income attributable to the noncontrolling interest

17


8


31


26










Net income attributable to Honeywell

$        1,348


$    1,240


$      4,066


$      3,775










Earnings per share of common stock - basic

$          1.77


$      1.62


$        5.33


$        4.93










Earnings per share of common stock - assuming dilution

$          1.75


$      1.60


$        5.26


$        4.86










Weighted average number of shares outstanding - basic

762.2


763.7


763.1


765.0










Weighted average number of shares outstanding - assuming dilution

771.4


774.4


773.1


776.3










(A) Cost of products and services sold and selling, general and administrative expenses include amounts for repositioning and other charges, pension and
other postretirement (income) expense, and stock compensation expense.

 

 

Honeywell International Inc.

Segment Data (Unaudited)

(Dollars in millions)












Three Months Ended


Nine Months Ended



September 30,


September 30,

Net Sales

2017


2016


2017


2016










Aerospace

$        3,657


$        3,601


$     10,877


$     11,085










Home and Building Technologies

2,790


2,701


8,079


7,854










Performance Materials and Technologies

2,260


2,329


6,568


7,044










Safety and Productivity Solutions

1,414


1,173


4,167


3,334










     Total

$     10,121


$        9,804


$     29,691


$     29,317










Reconciliation of Segment Profit to Income Before Taxes












Three Months Ended


Nine Months Ended



September 30,


September 30,

Segment Profit

2017


2016


2017


2016










Aerospace

$           780


$           663


$        2,395


$        2,252










Home and Building Technologies

458


441


1,267


1,213










Performance Materials and Technologies

526


503


1,521


1,484










Safety and Productivity Solutions

213


172


621


495










Corporate

(82)


(59)


(210)


(157)










     Total segment profit

1,895


1,720


5,594


5,287










Other income (expense) (A)

49


169


54


174

Interest and other financial charges

(81)


(82)


(235)


(252)

Stock compensation expense (B)

(39)


(49)


(133)


(145)

Pension ongoing income (expense) (B)

183


146


546


447

Other postretirement income (expense) (B)

6


7


16


24

Repositioning and other charges (B)

(230)


(279)


(557)


(520)










Income before taxes

$        1,783


$        1,632


$        5,285


$        5,015










   (A)  Equity income (loss) of affiliated companies is included in segment profit.










   (B)  Amounts included in cost of products and services sold and selling, general and administrative expenses.

 

 

Honeywell International Inc.

Consolidated Balance Sheet (Unaudited)

(Dollars in millions)










September 30,


December 31,




2017


2016

ASSETS





Current assets:





    Cash and cash equivalents


$        7,389


$        7,843

    Short-term investments


2,781


1,520

    Accounts receivable - net


8,587


8,177

    Inventories


4,751


4,366

    Other current assets


1,136


1,152


Total current assets


24,644


23,058







Investments and long-term receivables


643


587

Property, plant and equipment - net


5,757


5,793

Goodwill


18,268


17,707

Other intangible assets - net


4,587


4,634

Insurance recoveries for asbestos related liabilities


411


417

Deferred income taxes


264


347

Other assets


2,194


1,603








Total assets


$     56,768


$     54,146







LIABILITIES AND SHAREOWNERS' EQUITY





Current liabilities:





    Accounts payable


$        6,061


$        5,690

    Commercial paper and other short-term borrowings


3,932


3,366

    Current maturities of long-term debt


1,398


227

    Accrued liabilities


6,834


7,048


Total current liabilities


18,225


16,331







Long-term debt


11,453


12,182

Deferred income taxes


300


486

Postretirement benefit obligations other than pensions


530


473

Asbestos related liabilities


1,004


1,014

Other liabilities


4,025


4,110

Redeemable noncontrolling interest


3


3

Shareowners' equity


21,228


19,547








Total liabilities, redeemable noncontrolling interest and shareowners' equity


$     56,768


$     54,146

 

 

Honeywell International Inc.

 Consolidated Statement of Cash Flows (Unaudited)

(Dollars in millions)












Three Months Ended


Nine Months Ended



September 30,


September 30,



2017


2016


2017


2016

Cash flows from operating activities:









    Net income


$   1,365


$  1,248


$   4,097


$   3,801

    Less: Net income attributable to the noncontrolling interest


17


8


31


26

    Net income attributable to Honeywell


1,348


1,240


4,066


3,775

    Adjustments to reconcile net income attributable to Honeywell to net









    cash provided by operating activities:









        Depreciation


180


182


534


546

        Amortization


105


78


298


227

        (Gain) loss on sale of non-strategic businesses and assets


-


(176)


-


(176)

        Repositioning and other charges


230


302


583


567

        Net payments for repositioning and other charges


(130)


(154)


(394)


(420)

        Pension and other postretirement income


(189)


(153)


(562)


(471)

        Pension and other postretirement benefit payments


(24)


(29)


(71)


(110)

        Stock compensation expense


39


49


133


145

        Deferred income taxes


16


(36)


(76)


146

        Other


(30)


(8)


(38)


(33)

        Changes in assets and liabilities, net of the effects of









        acquisitions and divestitures:









           Accounts receivable


(132)


(135)


(408)


(492)

           Inventories


(102)


(21)


(400)


(233)

           Other current assets


16


138


13


-

           Accounts payable


90


(18)


404


(18)

           Accrued liabilities


(10)


295


(288)


3

Net cash provided by operating activities


1,407


1,554


3,794


3,456










Cash flows from investing activities:









    Expenditures for property, plant and equipment


(212)


(274)


(613)


(749)

    Proceeds from disposals of property, plant and equipment


21


3


46


4

    Increase in investments


(1,820)


(1,262)


(4,149)


(3,083)

    Decrease in investments


952


873


2,793


2,658

    Cash paid for acquisitions, net of cash acquired


(57)


(1,484)


(72)


(2,568)

    Proceeds from sales of businesses, net of fees paid


-


304


-


304

    Other


(83)


106


(196)


158

Net cash used for investing activities


(1,199)


(1,734)


(2,191)


(3,276)










Cash flows from financing activities:









    Proceeds from issuance of commercial paper and other short-term borrowings


3,772


5,455


8,808


16,149

    Payments of commercial paper and other short-term borrowings


(3,773)


(3,656)


(8,608)


(16,574)

    Proceeds from issuance of common stock


87


143


463


386

    Proceeds from issuance of long-term debt


23


37


39


4,510

    Payments of long-term debt


(39)


(8)


(69)


(478)

    Repurchases of common stock


(343)


(233)


(1,335)


(1,866)

    Cash dividends paid


(505)


(453)


(1,554)


(1,410)

    Payments to purchase the noncontrolling interest


-


-


-


(238)

    AdvanSix pre-separation funding


-


269


-


269

    AdvanSix pre-spin borrowing


-


38


-


38

    AdvanSix cash at spin-off


-


(38)


-


(38)

    Other


(26)


(25)


(131)


(40)

Net cash (used for) provided by financing activities


(804)


1,529


(2,387)


708










Effect of foreign exchange rate changes on cash and cash equivalents


108


37


330


88

Net (decrease) increase in cash and cash equivalents


(488)


1,386


(454)


976

Cash and cash equivalents at beginning of period


7,877


5,045


7,843


5,455

Cash and cash equivalents at end of period


$   7,389


$  6,431


$   7,389


$   6,431

 

 

Honeywell International Inc.

Reconciliation of Cash Provided by Operating Activities to Free Cash Flow (Unaudited)

(Dollars in millions)











Three Months Ended


 Nine Months Ended



September 30,


September 30,



2017


2016


2017


2016











Cash provided by operating activities

$            1,407


$            1,554


$            3,794


$            3,456


Expenditures for property, plant and equipment

(212)


(274)


(613)


(749)











Free cash flow

$            1,195


$            1,280


$            3,181


$            2,707











We define free cash flow as cash provided by operating activities less cash expenditures for property, plant and equipment.










We believe that this metric is useful to investors and management as a measure of cash generated by business operations that will be used to repay scheduled debt maturities and can be used to invest in future growth through new business development activities or acquisitions, pay dividends, repurchase stock or repay debt obligations prior to their maturities. This metric can also be used to evaluate our ability to generate cash flow from business operations and the impact that this cash flow has on our liquidity.

 

 

Honeywell International Inc.

Reconciliation of Cash Provided by Operating Activities to Free Cash Flow and Calculation of Free Cash Flow Conversion

(Dollars in millions)





Three Months Ended



September 30,



2017





Cash provided by operating activities

$            1,407


Expenditures for property, plant and equipment

(212)


Free cash flow

$            1,195





Cash provided by operating activities

$            1,407


÷ Net income attributable to Honeywell

$            1,348


Operating cash flow conversion

104%





Free cash flow

$            1,195


÷ Net income attributable to Honeywell

$            1,348


Free cash flow conversion %

89%





We define free cash flow as cash provided by operating activities less cash expenditures for property, plant and equipment.




We define free cash flow conversion as free cash flow divided by net income attributable to Honeywell.





We believe that this metric is useful to investors and management as a measure of cash generated by business operations that will be used to repay scheduled debt maturities and can be used to invest in future growth through new business development activities or acquisitions, pay dividends, repurchase stock or repay debt obligations prior to their maturities. This metric can also be used to evaluate our ability to generate cash flow from business operations and the impact that this cash flow has on our liquidity.

 

 

Honeywell International Inc.

Reconciliation of Segment Profit to Operating Income and Calculation of Segment Profit and Operating Income Margins (Unaudited)

(Dollars in millions)









Three Months Ended




September 30,




2017


2016








Segment Profit


$       1,895


$      1,720








Stock compensation expense (A)


(39)


(49)


Repositioning and other (B, C)


(244)


(290)


Pension ongoing income (A)


183


146


Other postretirement income (A)


6


7


Operating Income


$       1,801


$      1,534








Segment Profit


$       1,895


$      1,720


÷ Sales


10,121


9,804


Segment Profit Margin %


18.7%


17.5%








Operating Income


$       1,801


$      1,534


÷ Sales


10,121


9,804


Operating Income Margin %


17.8%


15.6%








(A) Included in cost of products and services sold and selling, general and administrative expenses.
(B) Includes repositioning, asbestos, environmental expenses and equity income adjustment.
(C) Included in cost of products and services sold, selling, general and administrative expenses, and other income/expense.


We believe these measures are useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.

 

 

Honeywell International Inc.

Calculation of Segment Profit Margin Excluding Mergers and Acqusitions (Unaudited)

(Dollars in millions)







 Three Months Ended




September 30,




2017


Safety and Productivity Solutions




Segment Profit excluding mergers and acquisitions


$              202


÷ Sales excluding mergers and acquisitions


$           1,219


Segment Profit Margin excluding mergers and acquisitions %


16.6%






We believe these measures are useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.

 

 

Honeywell International Inc.

Reconciliation of Organic Sales % Change (Unaudited)






 Three Months Ended



September 30,



2017

Honeywell



Reported sales % change


3%

Less: Foreign currency translation


1%

Less: Acquisitions and divestitures, net


(3)%

Organic sales % change


5%




Aerospace



Reported sales % change


2%

Less: Foreign currency translation


1%

Less: Acquisitions and divestitures, net


(3)%

Organic sales % change


4%




Home and Building Technologies



Reported sales % change


3%

Less: Foreign currency translation


1%

Less: Acquisitions and divestitures, net


-

Organic sales % change


2%




Performance Materials and Technologies



Reported sales % change


(3)%

Less: Foreign currency translation


1%

Less: Acquisitions and divestitures, net


(14)%

Organic sales % change


10%




Safety and Productivity Solutions



Reported sales % change


21%

Less: Foreign currency translation


1%

Less: Acquisitions and divestitures, net


17%

Organic sales % change


3%




We believe organic sales growth is a measure that is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.

 

 

Honeywell International Inc.

Calculation of Earnings Per Share at 26% Tax Rate Excluding 3Q17 Additional Restructuring and 2016 Divestitures (Unaudited)

(Dollars in millions, except per share amounts)









Three Months Ended




September 30,




2017


2016








Income before taxes


$     1,783


$     1,632








Taxes at 26%


464


424








Net income at 26% tax rate


$     1,319


$     1,208








Less: Net income attributable to the noncontrolling interest


17


8








Net income attributable to Honeywell at 26% tax rate


$     1,302


$     1,200








Weighted average number of shares outstanding - assuming dilution


771.4


774.4








Earnings per share at 26% tax rate


$       1.69


$       1.55


Less: Earnings per share impact attributable to 2016 divestitures (1)


-


0.04


Less: Earnings per share attributable to additional restructuring (2)


(0.06)


-


Earnings per share of common stock - assuming dilution, at 26% tax rate,






excluding additional restructuring and 2016 divestitures


$       1.75


$       1.51








Earnings per share of common stock - assuming dilution


$       1.75


$       1.60


Less: Earnings per share impact of normalizing to 26% tax rate


0.06


0.05


Less: Earnings per share impact attributable to 2016 divestitures (1)


-


0.04


Less: Earnings per share attributable to additional restructuring (2)


(0.06)




Earnings per share of common stock - assuming dilution, at 26% tax rate,






excluding additional restructuring and 2016 divestitures


$       1.75


$       1.51








(1) Earnings per share attributable to 2016 divestitures utilizes weighted average shares of 774.4 million and a
blended tax rate of 32.9% for the three months ended September 30, 2016.


(2) The Company has and continues to have an ongoing level of restructuring activities, for which there is a
planned amount of restructuring-related charges. For the three months ended September 30, 2017, the Company
funded approximately $60 million of additional restructuring enabled by a lower than expected effective tax rate for
the period. We believe that the exclusion of this additional restructuring provides a more comparable measure of
year-on-year results. Earnings per share attributable to additional restructuring uses a tax rate of 26% for three
months ended September 30, 2017.








We believe earnings per share adjusted to normalize for the expected effective tax rate of 26% for the most
recently completed fiscal quarter (as presented in prior guidance for such quarter) and to exclude the 2016
divestitures is a measure that is useful to investors and management in understanding our ongoing operations and
in analysis of ongoing operating trends.




 

 

Honeywell International Inc.

Reconciliation of Earnings Per Share to Earnings Per Share, Excluding Pension Mark-to-Market Expense, Debt Refinancing Expense and
Earnings Attributable to 2016 Divestitures (Unaudited)












Twelve Months Ended




December 31,





2017E (1)




2016 (2)











Earnings per share of common stock - assuming dilution (EPS)



 TBD




$             6.20











Pension mark-to-market expense



 TBD




0.28


Debt refinancing expense



-




0.12











EPS, excluding pension mark-to-market expense and debt refinancing expense



 $7.05 - $7.10




6.60











Earnings attributable to 2016 divestitures



-




(0.14)











EPS, excluding pension mark-to-market expense, debt refinancing expense and









earnings attributable to 2016 divestitures



 $7.05 - $7.10




$             6.46











(1) Utilizes weighted average shares of approximately 772 million and an expected effective tax rate of approximately 22%.


(2) Utilizes weighted average shares of 775.3 million.  Pension mark-to-market expense uses a blended tax rate of 21.3%.  Debt refinancing
expense uses a tax rate of 26.5%.  Earnings attributable to 2016 divestitures use a blended tax rate of 33.9%.












We believe EPS, excluding pension mark-to-market expense, debt refinancing expense and earnings attributable to 2016 divestitures is a
measure that is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends. 
Management cannot reliably predict or estimate, without unreasonable effort, the pension mark-to-market expense as it is dependent on
macroeconomic factors, such as interest rates and the return generated on invested pension plan assets.  We therefore do not include an
estimate for the pension mark-to-market expense in this reconciliation.  Management is not currently forecasting an impact to earnings per
hare arising from a debt refinancing or divestiture transaction.  Based on economic and industry conditions, future developments and other
relevant factors, these assumptions are subject to change.


 

View original content:http://www.prnewswire.com/news-releases/honeywell-delivers-earnings-per-share-of-175-and-sales-of-101-billion-300540425.html

SOURCE Honeywell


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