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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Honeywell International Incorporated | LSE:HON | London | Ordinary Share | COM STK USD1 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 159.07 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMHON
Honeywell Reports EPS Of $1.53, Adjusted EPS Of $1.26; Delivers $1.5 Billion Of
Operating Cash Flow
- Delivered $500 Million of Cost Savings in the Quarter; Funded Over $250
Million of Repositioning to Drive Further Savings in Second Half and 2021
- Generated $1.5 Billion of Operating Cash Flow, $1.3 Billion of Free Cash
Flow, Adjusted Conversion(1) of 140%; Further Strengthened Balance Sheet
- Reported Record High Orders and Backlog in Safety and Productivity Solutions
Driven by Triple-Digit Growth in Intelligrated and Personal Protective
Equipment
- Launched Numerous Innovative Healthy Offerings to Address COVID-19-Related
Customer Needs
CHARLOTTE, N.C., July 24, 2020 -- Honeywell (NYSE: HON) today announced results
for the second quarter of 2020, which were significantly impacted by the
COVID-19 pandemic and oil price volatility.
The company reported a second-quarter sales decline of 19%, down 18% organic,
operating margin contraction of 550 basis points, and segment margin
contraction of 280 basis points, with adjusted earnings per share2 of $1.26.
"The second quarter was a challenging one, but we executed on the three things
that will enable us to weather this downturn: aggressively managing cost,
driving sales growth where demand is strong, and investing in exciting new
technologies that, through careful attention to customer and end-user needs,
will help keep people safe when they get back to the workplace, back to play,
back to travel, and back to life," said Darius Adamczyk, chairman and chief
executive officer of Honeywell.
"In terms of cost management, we delivered $500 million in savings from the
first phase of cost actions we announced earlier this year, and we funded over
$250 million of repositioning in the quarter. In addition, we developed a
second phase of cost actions that, when combined with our previously announced
plan, will generate $1.4 billion to $1.6 billion of cost savings during 2020.
We further enhanced our financial flexibility this quarter by issuing $3
billion of bonds at attractive rates, reducing our term loan from $6 billion to
$3 billion, and fully drawing the remaining balance. We ended the quarter with
$15.1 billion of cash and short-term investments on hand and an overfunded
pension plan," Adamczyk said.
"We also remain focused on driving sales growth in areas that have not been as
impacted by the current downturn. In the second quarter, our businesses serving
the defense, warehouse automation, and personal protective equipment industries
exhibited outstanding performance. Orders for Intelligrated were $1.2 billion
in the quarter, up triple-digits year-over-year, positioning the business for
continued growth. We committed approximately $250 million of incremental growth
capital expenditures compared to our previous allocated budget for new projects
to accelerate our investments in personal protective equipment, Intelligrated,
and other growth areas," Adamczyk continued. "With an exceptional, diverse
portfolio of technologies that improve safety and help our customers to be more
efficient, Honeywell is uniquely equipped to support our customers in the
post-COVID world. We are actively investing in and introducing new solutions,
such as an efficient and effective ultraviolet light cleaner for aircraft,
temperature and PPE compliance monitoring solutions, technologies that can help
building owners comply with new hygiene and social distancing policies, and a
new pharmaceutical packaging system for bottles and vials that preserves
shelf-life and drug efficacy.
"Our focus on sales, cost, and optimizing working capital, combined with our
diverse portfolio and strong balance sheet, will enable Honeywell to adapt to
and execute through the downturn. I am confident we will emerge well-positioned
for the economic recovery to come," concluded Adamczyk.
Due to the evolving nature of the COVID-19 pandemic and related supply chain
and market disruptions, Honeywell previously announced that it has suspended
providing full financial guidance until the economic impact of COVID-19
stabilizes. The company expects ongoing top-line challenges due to the current
market conditions, particularly in the aerospace and oil and gas sectors.
Second-Quarter Performance
Honeywell sales for the second quarter were down 19% on a reported basis and
down 18% on an organic basis. The difference between reported and organic sales
primarily relates to the impact of foreign currency translation. The
second-quarter financial results can be found in Tables 1 and 2.
Aerospace sales for the second quarter were down 27% on an organic basis driven
by lower commercial aftermarket demand due to steep declines in flight hours,
reduced volumes in commercial original equipment, and the 737 MAX impact in air
transport original equipment, partially offset by continued strength in the
Defense and Space business. Segment margin contracted 510 basis points to 20.8%
driven by lower volumes and sales mix.
Honeywell Building Technologies sales for the second quarter were down 17% on
an organic basis driven by lower demand for security, building management, and
fire products, and delays in Building Solutions projects in key verticals.
Segment margin expanded 50 basis points to 21.2%. Margin performance was driven
by commercial excellence and productivity actions.
Performance Materials and Technologies sales for the second quarter were down
17% on an organic basis driven by volume declines in products, including
thermal solutions and smart energy, in Process Solutions; lower gas processing
projects, catalyst shipments, and licensing due to softness in the oil and gas
sector in UOP; and lower automotive refrigerant volumes in Advanced Materials,
partially offset by strength in specialty products. Segment margin contracted
460 basis points to 18.9% driven by the impact of lower sales volumes,
partially offset by productivity actions.
Safety and Productivity Solutions sales for the second quarter were up 1% on an
organic basis driven by double-digit Intelligrated growth and demand for
respiratory personal protective equipment, partially offset by lower
short-cycle sales volumes in sensing and IoT, productivity products, and gas
sensing. Record high bookings of $0.7 billion in PPE and $1.2 billion in
Intelligrated drove orders growth up approximately 90% year-over-year. Backlog
was up over 100% year-over-year, including an all-time high Intelligrated
backlog of over $2 billion. Segment margin expanded 150 basis points to 13.8%
driven by productivity, net of inflation, and commercial excellence.
Conference Call Details
Honeywell will discuss its second-quarter results and third-quarter outlook
during an investor conference call starting at 8:30 a.m. Eastern Daylight Time
today. To participate on the conference call, please dial (866) 548-4713
(domestic) or (323) 794-2093 (international) approximately ten minutes before
the 8:30 a.m. EDT start. Please mention to the operator that you are dialing in
for Honeywell's second-quarter 2020 earnings call or provide the conference
code HON2Q20. 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 12:30 p.m. EDT, July 24, until 12:30 p.m.
EDT, July 31, by dialing (888) 203-1112 (domestic) or (719) 457-0820
(international). The access code is 7938730.
TABLE 1: SUMMARY OF HONEYWELL FINANCIAL RESULTS
2Q 2020 2Q 2019 Change
Sales 7,477 9,243 (19%)
Organic Growth (18%)
Segment Margin 18.5% 21.3% -280 bps
Operating Income Margin 13.6% 19.1% -550 bps
Earnings Per Share $1.53 $2.10 (27%)
Adjusted Earnings Per Share2 $1.26 $2.10 (40%)
Cash Flow from Operations 1,480 1,678 (12%)
Operating Cash Flow Conversion 137% 109% 28%
Free Cash Flow 1,253 1,507 (17%)
Adjusted Free Cash Flow3 1,253 1,535 (18%)
Adjusted Free Cash Flow Conversion1 140% 100% 40%
TABLE 2: SUMMARY OF SEGMENT FINANCIAL RESULTS
AEROSPACE 2Q 2020 2Q 2019 Change
Sales 2,543 3,508 (28%)
Organic Growth (27%)
Segment Profit 528 907 (42%)
Segment Margin 20.8% 25.9% -510 bps
HONEYWELL BUILDING TECHNOLOGIES
Sales 1,177 1,450 (19%)
Organic Growth (17%)
Segment Profit 250 300 (17%)
Segment Margin 21.2% 20.7% 50 bps
PERFORMANCE MATERIALS AND TECHNOLOGIES
Sales 2,218 2,735 (19%)
Organic Growth (17%)
Segment Profit 419 644 (35%)
Segment Margin 18.9% 23.5% -460 bps
SAFETY AND PRODUCTIVITY SOLUTIONS
Sales 1,539 1,550 (1%)
Organic Growth 1%
Segment Profit 213 191 12%
Segment Margin 13.8% 12.3% 150 bps
1Adjusted free cash flow conversion excludes impacts from separation costs
related to the spin-offs of $28M in 2Q19 and 2Q20 favorable resolution of a
foreign tax matter related to the spin-off transactions
2Adjusted EPS and adjusted EPS V% exclude 2Q20 favorable resolution of a
foreign tax matter related to the spin-off transactions
3Adjusted free cash flow excludes impacts from separation costs related to the
spin-offs of $28M in 2Q19
Honeywell (www.honeywell.com) is a Fortune 100 technology company that delivers
industry specific solutions that include aerospace products and services;
control technologies for buildings and industry; and performance materials
globally. Our technologies help everything from aircraft, 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, technological, and COVID-19 public health
factors affecting our operations, markets, products, services and prices. Such
forward-looking statements are not guarantees of future performance, and actual
results, and other developments, including the potential impact of the COVID-19
pandemic, and business decisions may differ from those envisaged by such
forward-looking statements. Any forward-looking plans described herein are not
final and may be modified or abandoned at any time.
No final decision will be taken with respect to such plans or proposals without
prior satisfaction of any applicable requirements with respect to informing,
consulting or negotiating with employees or their representatives. 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.
This release contains financial measures presented on a non-GAAP basis.
Honeywell's non-GAAP financial measures used in this release are as follows:
segment profit, on an overall Honeywell basis, a measure by which we assess
operating performance, which we define as operating income adjusted for certain
items as presented in the Appendix; segment margin, on an overall Honeywell
basis, which we define as segment profit divided by sales; organic sales
growth, which we define as sales growth less the impacts from foreign currency
translation, and acquisitions and divestitures for the first 12 months
following transaction date; free cash flow, which we define as cash flow from
operations less capital expenditures; adjusted free cash flow, which we define
as cash flow from operations less capital expenditures and which we adjust to
exclude the impact of separation costs related to the spin-offs of Resideo and
Garrett, if and as noted in the release; adjusted free cash flow conversion,
which we define as adjusted free cash flow divided by net income attributable
to Honeywell, excluding separation costs related to the spin-offs and the
impact of the favorable resolution of a foreign tax matter related to the
spin-off transactions, if and as noted in the release; and adjusted earnings
per share, which we adjust to exclude the favorable resolution of a foreign tax
matter related to the spin-off transactions. Management believes that, when
considered together with reported amounts, these measures are useful to
investors and management in understanding our ongoing operations and in the
analysis of ongoing operating trends. These metrics should be considered in
addition to, and not as replacements for, the most comparable GAAP measure.
Refer to the Appendix attached to this release for reconciliations of non-GAAP
financial measures to the most directly comparable GAAP measures.
Honeywell International Inc.
Consolidated Statement of Operations (Unaudited)
(Dollars in millions, except per share amounts)
Three Months Ended Six Months Ended June
June 30, 30,
2020 2019 2020 2019
Product sales $ 5,743 $ 6,990 $ 12,048 $ 13,703
Service sales 1,734 2,253 3,892 4,424
Net sales 7,477 9,243 15,940 18,127
Costs, expenses and
other
Cost of products sold 4,163 4,848 8,537 9,470
(1)
Cost of services sold 1,113 1,246 2,273 2,503
(1)
5,276 6,094 10,810 11,973
Selling, general and 1,183 1,387 2,421 2,750
administrative expenses
(1)
Other (income) expense (291) (305) (608) (590)
Interest and other 90 85 163 170
financial charges
6,258 7,261 12,786 14,303
Income before taxes 1,219 1,982 3,154 3,824
Tax expense (benefit) 120 426 449 832
Net income 1,099 1,556 2,705 2,992
Less: Net income 18 15 43 35
attributable to the
noncontrolling interest
Net income attributable $ 1,081 $ 1,541 $ 2,662 $ 2,957
to Honeywell
Earnings per share of $ 1.54 $ 2.13 $ 3.77 $ 4.07
common stock - basic
Earnings per share of $ 1.53 $ 2.10 $ 3.74 $ 4.02
common stock - assuming
dilution
Weighted average number 702.3 723.2 705.9 726.4
of shares outstanding -
basic
Weighted average number 708.1 733.0 712.6 735.9
of shares outstanding -
assuming dilution
(1) Cost of products and services sold and selling,
general and administrative expenses include amounts
for repositioning and other charges, the service cost
component of pension and other postretirement (income)
expense, and stock compensation expense.
Honeywell International Inc.
Segment Data (Unaudited)
(Dollars in millions)
Three Months Ended June Six Months Ended June 30,
30,
Net Sales 2020 2019 2020 2019
Aerospace $ 2,543 $ 3,508 $ 5,904 $ 6,849
Honeywell Building 1,177 1,450 2,458 2,839
Technologies
Performance 2,218 2,735 4,615 5,307
Materials and
Technologies
Safety and 1,539 1,550 2,963 3,132
Productivity
Solutions
Total $ 7,477 $ 9,243 $ 15,940 $ 18,127
Reconciliation of Segment Profit to Income Before Taxes
Three Months Ended June Six Months Ended June 30,
30,
Segment Profit 2020 2019 2020 2019
Aerospace $ 528 $ 907 $ 1,465 $ 1,745
Honeywell Building 250 300 512 571
Technologies
Performance 419 644 931 1,208
Materials and
Technologies
Safety and 213 191 391 403
Productivity
Solutions
Corporate (25) (72) (66) (148)
Total segment 1,385 1,970 3,233 3,779
profit
Interest and other (90) (85) (163) (170)
financial charges
Stock compensation (34) (34) (78) (75)
expense (1)
Pension ongoing 198 148 396 299
income (2)
Other 14 11 27 23
postretirement
income (2)
Repositioning and (280) (126) (342) (210)
other charges (3,4)
Other (5) 26 98 81 178
Income before taxes $ 1,219 $ 1,982 $ 3,154 $ 3,824
(1) Amounts included in Selling, general and administrative
expenses.
(2) Amounts included in Cost of products and services sold and
Selling, general and administrative expenses (service
costs) and Other income/expense (non-service cost
components).
(3) Amounts included in Cost of products and services sold,
Selling, general and administrative expenses, and Other
income/expense.
(4) Includes repositioning, asbestos, and environmental
expenses.
(5) Amounts include the other components of Other income/
expense not included within other categories in this
reconciliation. Equity income (loss) of affiliated
companies is included in segment profit.
Honeywell International Inc.
Consolidated Balance Sheet (Unaudited)
(Dollars in millions)
June 30, December
2020 31,
2019
ASSETS
Current assets:
Cash and cash equivalents $ 13,778 $ 9,067
Short-term investments 1,349 1,349
Accounts receivable - net 6,717 7,493
Inventories 4,753 4,421
Other current assets 1,724 1,973
Total current assets 28,321 24,303
Investments and long-term receivables 626 588
Property, plant and equipment - net 5,327 5,325
Goodwill 15,518 15,563
Other intangible assets - net 3,551 3,734
Insurance recoveries for asbestos related liabilities 379 392
Deferred income taxes 106 86
Other assets 9,776 8,688
Total assets $ 63,604 $ 58,679
LIABILITIES
Current liabilities:
Accounts payable $ 5,366 $ 5,730
Commercial paper and other short-term borrowings 3,531 3,516
Current maturities of long-term debt 967 1,376
Accrued liabilities 7,477 7,476
Total current liabilities 17,341 18,098
Long-term debt 17,591 11,110
Deferred income taxes 1,461 1,670
Postretirement benefit obligations other than pensions 317 326
Asbestos related liabilities 1,894 1,996
Other liabilities 6,627 6,766
Redeemable noncontrolling interest 7 7
Shareowners' equity 18,366 18,706
Total liabilities, redeemable noncontrolling interest $ 63,604 $ 58,679
and shareowners' equity
Honeywell International Inc.
Consolidated Statement of Cash Flows (Unaudited)
(Dollars in millions)
Three Months Ended Six Months Ended
June 30, June 30,
2020 2019 2020 2019
Cash flows from operating activities:
Net income $ 1,099 $ 1,556 $ 2,705 $ 2,992
Less: Net income attributable to the 18 15 43 35
noncontrolling interest
Net income attributable to Honeywell 1,081 1,541 2,662 2,957
Adjustments to reconcile net income
attributable to Honeywell to net cash
provided by operating activities:
Depreciation 161 172 314 335
Amortization 89 123 179 221
Repositioning and other charges 280 126 342 210
Net payments for repositioning and (198) (51) (309) (85)
other charges
Pension and other postretirement (211) (159) (423) (322)
income
Pension and other postretirement (9) (15) (23) (45)
benefit payments
Stock compensation expense 34 34 78 75
Deferred income taxes (219) (36) (277) 44
Other (106) 9 (285) 5
Changes in assets and liabilities, net
of the effects of acquisitions and
divestitures:
Accounts receivable 735 (100) 776 98
Inventories (168) (52) (331) (273)
Other current assets (60) (22) 106 (239)
Accounts payable (310) 21 (364) (8)
Accrued liabilities 381 87 (26) (161)
Net cash provided by (used for) 1,480 1,678 2,419 2,812
operating activities
Cash flows from investing activities:
Expenditures for property, plant and (227) (171) (366) (312)
equipment
Proceeds from disposals of property, - 8 7 10
plant and equipment
Increase in investments (1,023) (1,048) (1,671) (2,274)
Decrease in investments 746 1,367 1,589 2,163
Receipts (payments) from settlements (204) 110 83 70
of derivative contracts
Net cash provided by (used for) (708) 266 (358) (343)
investing activities
Cash flows from financing activities:
Proceeds from issuance of commercial 3,710 3,796 7,165 7,114
paper and other short-term borrowings
Payments of commercial paper and other (3,721) (3,796) (7,094) (7,115)
short-term borrowings
Proceeds from issuance of common stock 31 233 97 378
Proceeds from issuance of long-term 5,974 9 7,101 29
debt
Payments of long-term debt (93) (71) (1,218) (84)
Repurchases of common stock (62) (1,900) (1,985) (2,650)
Cash dividends paid (650) (597) (1,285) (1,203)
Other (2) (2) (40) (32)
Net cash provided by (used for) 5,187 (2,328) 2,741 (3,563)
financing activities
Effect of foreign exchange rate 98 (16) (91) 32
changes on cash and cash equivalents
Net increase (decrease) in cash and 6,057 (400) 4,711 (1,062)
cash equivalents
Cash and cash equivalents at beginning 7,721 8,625 9,067 9,287
of period
Cash and cash equivalents at end of $ 13,778 $ 8,225 $ 13,778 $ 8,225
period
Honeywell International Inc.
Reconciliation of Organic Sales % Change (Unaudited)
Three Months Ended
June 30, 2020
Honeywell
Reported sales % change (19)%
Less: Foreign currency translation (1)%
Less: Acquisitions, divestitures and other, net -%
Organic sales % change (18)%
Aerospace
Reported sales % change (28)%
Less: Foreign currency translation -%
Less: Acquisitions, divestitures and other, net (1)%
Organic sales % change (27)%
Honeywell Building Technologies
Reported sales % change (19)%
Less: Foreign currency translation (2)%
Less: Acquisitions, divestitures and other, net -%
Organic sales % change (17)%
Performance Materials and Technologies
Reported sales % change (19)%
Less: Foreign currency translation (2)%
Less: Acquisitions, divestitures and other, net -%
Organic sales % change (17)%
Safety and Productivity Solutions
Reported sales % change (1)%
Less: Foreign currency translation (2)%
Less: Acquisitions, divestitures and other, net -%
Organic sales % change 1%
We define organic sales percent as the year-over-year change in reported sales
relative to the comparable period, excluding the impact on sales from foreign
currency translation and acquisitions, net of divestitures. We believe this
measure is useful to investors and management in understanding our ongoing
operations and in analysis of ongoing operating trends.
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 June 30,
2020 2019
Segment profit $ 1,385 $ 1,970
Stock compensation expense (1) (34) (34)
Repositioning, Other (2,3) (295) (137)
Pension and other postretirement service (38) (37)
costs (4)
Operating income $ 1,018 $ 1,762
Segment profit $ 1,385 $ 1,970
÷ Net sales $ 7,477 $ 9,243
Segment profit margin % 18.5 % 21.3 %
Operating income $ 1,018 $ 1,762
÷ Net sales $ 7,477 $ 9,243
Operating income margin % 13.6 % 19.1 %
(1) Included in Selling, general and
administrative expenses.
(2) Includes repositioning,
asbestos, environmental expenses
and equity income adjustment.
(3) Included in Cost of products and
services sold, Selling, general
and administrative expenses and
Other income/expense.
(4) Included in Cost of products and
services sold and Selling,
general and administrative
expenses.
We define segment profit as operating income, excluding stock compensation
expense, pension and other postretirement service costs, and repositioning and
other charges. 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 Earnings per Share to Adjusted Earnings per Share (Unaudited)
Three Months Ended June 30,
June 30, 2020 June 30, 2019
Earnings per share of common $ 1.53 $ 2.10
stock - assuming dilution (1)
Separation-related tax adjustment (0.27) -
(2)
Adjusted earnings per share of $ 1.26 $ 2.10
common stock - assuming dilution
(1) For the three months ended June 30, 2020 and
2019, adjusted earnings per share utilizes
weighted average shares of approximately
708.1 million and 733.0 million.
(2) For the three months ended June 30, 2020,
separation-related tax adjustment of $186
million ($186 million net of tax) includes
the favorable resolution of a foreign tax
matter related to the spin-off transactions.
We believe adjusted earnings per share, excluding spin-off impact, is a measure
that is useful to investors and management in understanding our ongoing
operations and in analysis of ongoing operating trends. For forward looking
information, 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. Based on economic and industry conditions,
future developments and other relevant factors, these assumptions are subject
to change.
Honeywell International Inc.
Reconciliation of Cash Provided by Operating Activities to Adjusted Free Cash
Flow and Calculation of Adjusted Free Cash Flow Conversion (Unaudited)
(Dollars in millions)
Three Months Three Months
Ended Ended
June 30, 2020 June 30, 2019
Cash provided by operating activities $ 1,480 $ 1,678
Expenditures for property, plant and equipment (227) (171)
Free cash flow 1,253 1,507
Separation cost payments - 28
Adjusted free cash flow $ 1,253 $ 1,535
Net income attributable to Honeywell 1,081 1,541
Separation-related tax adjustment (186) -
Adjusted net income attributable to Honeywell $ 895 $ 1,541
Cash provided by operating activities $ 1,480 $ 1,678
÷ Net income (loss) attributable to Honeywell $ 1,081 $ 1,541
Operating cash flow conversion 137 % 109 %
Adjusted free cash flow $ 1,253 $ 1,535
÷ Adjusted net income attributable to Honeywell $ 895 $ 1,541
Adjusted free cash flow conversion % 140 % 100 %
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.
Contacts:
Media Investor Relations
Nina Krauss Mark Bendza
(704) 627-6035 (704) 627-6200
nina.krauss@honeywell.com mark.bendza@honeywell.com
END
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