Honeywell (NYSE: HON) released the following fiscal announcement:
“Third quarter 2010 sales were up 9 percent to $8.4 billion versus $7.7 billion in the third quarter of 2009. Earnings, excluding non-cash pension expense, were $0.82 per share compared to $0.83 per share in the prior year. On a reported basis, earnings per share were $0.64 in the third quarter of 2010 versus $0.80 in the third quarter last year. Cash flow from operations was $1.3 billion and free cash flow (cash flow from operations less capital expenditures) was $1.2 billion in the third quarter, compared to cash flow from operations of $1.1 billion and free cash flow of $1.0 billion in the third quarter last year. On a year-to-date basis, cash flow from operations was $3.2 billion versus $2.6 billion in 2009, and free cash flow was $2.8 billion compared to $2.3 billion.
“This was another terrific quarter for Honeywell, ” said Honeywell Chairman and CEO Dave Cote. “We had continued growth across the portfolio with our short cycle businesses, such as turbochargers and general industrial products, extending their strong upward trends. We’re also now seeing an uptick in the commercial aerospace aftermarket. The longer cycle solutions businesses and UOP demonstrated good growth in the quarter as well. We had exceptional cash flow, driven by high-quality earnings and very strong working capital performance, and we now expect record free cash flow for the year. We closed on the Sperian Protection acquisition, extending our position in the growing Personal Protection Equipment space. We remain very confident this will be another stand-out acquisition for Honeywell, demonstrating our disciplined acquisition process.”
