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Honeywell Releases Financial Statement

Honeywell (NYSE: HON) released the following financial statement:

The firm “announced full-year 2010 sales increased 8 percent to $33.4 billion vs. $30.9 billion in 2009.  Earnings per share (proforma) were up 12 percent to $3.00 versus $2.69 in the prior year, excluding the unfavorable impact of the pension mark-to-market adjustment. Reported earnings per share for 2010 were $2.59 versus $2.05 in the prior year.  Free cash flow (cash flow from operations less capital expenditures) was a record $3.6 billion (cash flow from operations of $4.2 billion).

“We are pleased to announce the sale of CPG – while CPG is a good business, it doesn’t fit with our portfolio of differentiated, global technologies, ” said Honeywell Chairman and Chief Executive Officer Dave Cote. “We’re also very pleased with our strong fourth-quarter results, capping a terrific year for Honeywell. The year saw progressively improved market conditions, with great execution across our businesses resulting in robust sales growth and record segment margins and cash flow. Our seed planting investments contributed meaningfully to our growth and productivity in 2010, with significant global customer wins, a robust new product pipeline, and traction on our key process initiatives. Our orders are trending higher across our businesses, and with the continued improvement we’re seeing in the global economy, we’re confident in our outlook for higher revenues, and 20 percent plus earnings growth in 2011.”

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