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Honeywell International Inc. Message Board

  • bluecheese4u bluecheese4u Jan 25, 2008 8:44 AM Flag

    HONEYWELL REPORTS 2007 FULL YEAR SALES UP 10%TO $34.6 BILLION; EARNINGS PER SHARE UP 25% TO $3.16

    HONEYWELL REPORTS 2007 FULL YEAR SALES UP 10%TO $34.6 BILLION; EARNINGS PER SHARE UP 25% TO $3.16

    Fourth Quarter Sales Up 12% to $9.3 Billion; EPS Up 26% to $0.91

    MORRIS TOWNSHIP, N.J., January 25, 2008 -- Honeywell (NYSE: HON) today announced full-year 2007 sales increased 10% to $34.6 billion from $31.4 billion in 2006. Earnings per share were up 25% to $3.16 versus $2.52 in the prior year. Cash flow from operations increased 22% to $3.9 billion versus $3.2 billion in 2006, and free cash flow (cash flow from operations less capital expenditures) was up 27% to $3.1 billion versus $2.5 billion in the prior year.

    Fourth quarter sales were up 12% to $9.3 billion versus $8.3 billion in 2006. Earnings per share increased 26% to $0.91 versus $0.72 in the prior year fourth quarter. Cash flow from operations was up 16% to $1.4 billion versus $1.2 billion in the prior year, and free cash flow was up approximately 20% to $1.1 billion versus $0.9 billion in the fourth quarter of 2006.

    “2007 was another terrific year for Honeywell,” said Honeywell Chairman and Chief Executive Officer Dave Cote. “Our great positions in good industries, together with favorable macro trends, drove growth across each of our four business segments in 2007. The year’s highlights included major contract wins, more than $1 billion in acquisitions, and approximately $4 billion in share repurchases, all driving shareowner value.”

    “While we anticipate softer global economic conditions in 2008, we remain confident in Honeywell’s ability to outperform,” added Cote. “We will continue to invest in innovation, expand globally, and execute on productivity initiatives to drive double digit earnings per share growth and higher free cash flow in 2008.”

    Q4 Results - 2
    Segment Highlights

    Aerospace

    Sales were up 11%, compared with the fourth quarter of 2006, driven by 12% growth in Commercial and 9% growth in Defense and Space sales. Commercial sales reflected growth of 15% in original equipment and 10% in aftermarket spares and services. Defense and Space sales included the positive impact of the Dimensions International acquisition.

    Segment profit grew 14%, while segment margin increased by 60 bps to 18.8%, driven by productivity gains, price, and volume growth, which more than offset the negative impact from inflation.

    Honeywell signed a $1 billion contract with AirTran Airways to supply avionics on new aircraft and provide maintenance on AirTran’s entire fleet through 2030. AirTran selected Honeywell’s full avionics portfolio, including Enhanced Ground Proximity Warning System, Airborne Collision Avoidance System, Weather Radar with Forward-Looking Windshear Detection, Flight Data Recorder and Cockpit Voice Recorders, for up to 150 new Boeing 737s. Honeywell will also provide maintenance services for all of its equipment on AirTran’s entire fleet – up to 250 aircraft – including avionics, lighting, mechanical components, Auxiliary Power Units, and wheels and brakes. This is the largest commercial aftermarket services contract ever awarded to Honeywell Aerospace.

    Honeywell has been selected to

    http://www.sec.gov/Archives/edgar/data/773840/000093041308000478/c52107_ex99.htm

 
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