Honeywell Reports Second Quarter Sales Up 8% to $8.2 Billion and Reported Earnings Per Share of $0.60

- Strong Organic Sales Growth of 8%
- EPS of $0.78 Excluding Non-Cash Pension Expense, Up 24% Versus Prior Year
- Operating Cash Flow: $1.1Billion; Free Cash Flow: $1.0 Billion
- Raising Full-Year Outlook: EPS $2.40-2.50, FCF $3.1-3.3 Billion

Honeywell today announced second quarter 2010 sales were up 8% to $8.2 billion versus $7.6 billion in the second quarter of 2009 and earnings were up 24% excluding non-cash pension expense to $0.78 per share compared to $0.63 per share in the prior year. On a reported basis, earnings per share were $0.60, flat compared to second quarter last year. Cash flow from operations was $1,090 million and free cash flow (cash flow from operations less capital expenditures) was $975 million, compared to $1,009 million in the second quarter of last year. On a year-to-date basis, cash flow from operations was $1,833 million versus $1,467 million in 2009, and free cash flow was $1,648 million compared to $1,241 million in the first half of last year.

“We believe the recovery is happening, with improving demand in both our short- and long-cycle businesses. However, given ongoing economic uncertainties, we remain cautious about the near-term outlook,” said Honeywell Chairman and CEO Dave Cote. “Turbochargers and general industrial products continue to rebound, and we’re starting to see a sequential up-tick in commercial aerospace orders. Our improved 2010 outlook reflects our strong first half performance and the continued momentum we’re seeing in our businesses, but, as usual, we’ll maintain a conservative stance in our planning assumptions and operating disciplines for the remainder of the year.”

“We continue to focus on growth and productivity,” continued Cote. “We expect that favorable global macro trends like safety, security, and energy efficiency, combined with our continued investments in new technologies, emerging markets, and our process initiatives will enable the company to continue to grow and outperform now and over the long-term.”

Honeywell expects 2010 sales of $32.4-32.9 billion, earnings in the range of $2.40-2.50 per share on a reported basis ($3.14-3.24, excluding non-cash pension expense), and free cash flow of $3.1-3.3 billion (cash flow from operations of $3.8-4.0 billion).

For more information, read the press release or listen to a replay of a Webcast of the Investor Conference Call.

Posted on Friday, July 23, 2010

Honeywell Selected To Provide Flight Control Fly-By-Wire System For COMAC’s C919 Airliner

Representatives from Honeywell sign a Letter of Intent and Memorandum of Understanding with representatives from COMAC, AVIC, and FACRI to be the fly-by-wire flight control system provider for the new C919 single-aisle commercial airliner.

Honeywell announced it has been selected by Commercial Aircraft Corporation of China, Ltd. (COMAC) as the fly-by-wire flight control system provider for the new C919 single-aisle commercial airliner. Mark Howes, President of Honeywell Aerospace Asia Pacific signed the Letter of Intent together with Mr. Lu Guangshan, President of AVIC Electronics Group, and Mr. Wu Guanghui, Senior Vice President of COMAC.

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Posted on Thursday, July 22, 2010

Honeywell Primus Apex® Avionics Suite Certified on Viking Twin Otter Series 400

Honeywell’s Primus Apex® integrated avionics suite has received Technical Standard Order (TSO) approval from the Federal Aviation Administration (FAA) for the new Viking Twin Otter Series 400 aircraft.

Primus Apex is Honeywell’s integrated avionics platform for customers that desire an industry standard solution that offers navigation and situational awareness capabilities similar to those offered in global business jets. Honeywell’s Interactive Navigation (INAV®) graphical flight planning with detailed terrain and sensor overlays is standard on Primus Apex and provides unparalleled situational awareness with the ease of point and click navigation.

The DHC-6 Twin Otter is the largest-selling 19-passenger commuter aircraft in the world, with more than 40 years of operations.

For more information, read the press release.

Posted on Wednesday, July 21, 2010

Honeywell GHG Management Gives Organizations a Comprehensive Approach to Lower Emissions

Honeywell introduced its Greenhouse Gas (GHG) Emissions Management offering, a comprehensive portfolio of services that use ongoing measurement, monitoring and real-time emissions data to shape mitigation strategies that help customers meet sustainability goals and compliance requirements.

Many schools, universities, municipalities and other institutions have made public commitments to become carbon neutral or significantly cut GHG emissions. In addition, the U.S. Environmental Protection Agency (EPA) adopted new regulations in 2009 requiring certain organizations that produce more than 25,000 metric tons of GHGs, through stationary combustion sources such as heating systems in particular, to monitor and measure emissions. Other regulations adopted by EPA this year may require GHG controls under the Clean Air Act, which will create additional incentives to carefully track emissions.

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Posted on Friday, July 16, 2010

Honeywell Users Group Features Latest Innovations for Process Manufacturers

Norm Gilsdorf, President of Honeywell Process Solutions, presents an industry perspective to more than 500 Honeywell customers at the Honeywell Users Group Americas symposium.

This year marked the 35th anniversary of Honeywell Users Group (HUG), a five-day event to enable Honeywell Process Solutions’ (HPS) leaders and customers to share best practices and strategies for enhancing business results.

The theme of this year’s event was “Dynamic Solutions. Endless Possibilities.” Held in Phoenix, Arizona, the event included the opportunity for customers to come together to learn about the latest HPS technologies and provide input on HPS’ research and development priorities.

Key technologies announcements during HUG included:

OneWireless™ R200, the process industry’s first truly universal wireless mesh network solution, is now fully compliant with the ISA100.11a standard, which will allow plants to design a wireless network with different types of wireless coverage.
Experion R400, the newest version of Honeywell’s flagship Experion® Process Knowledge System® (PKS), features enhancements to protect manufacturers from the high cost of evolving technology and includes new turbine-control capabilities for power generators. Experion PKS is Honeywell’s process automation and control system that sends data from critical plant subsystems directly to operators to help improve decision making in the control room.
Field Advisor™, Honeywell’s newest addition to its family of mobile productivity solutions, helps industrial facilities keep their equipment running within safe operating limits and at optimum performance.

For more information about the event, visit Honeywell Users Group website.

Posted on Wednesday, July 14, 2010

Honeywell Receives Dealer Design Awards by Air Conditioning Heating & Refrigeration News

Honeywell’s Delphi combustion efficiency panel and Reveal touch screen display have been recognized for excellence in product design in the 6th annual Dealer Design Awards Program sponsored by The Air Conditioning Heating & Refrigeration News (The ACHR News), the leading trade magazine in the heating, ventilating, air conditioning, and refrigeration industries.

Delphi, which won a Silver award in the Miscellaneous category, provides flame safeguard control, fuel air ratio control, O2 trim, and variable frequency drive (VFD) control in a single, integrated panel with an easy-to-use touch screen user interface. Fuel air ratio control with O2 trim can provide energy savings of 5-7% per year. VFD control can reduce electrical costs by up to 30% per year.

Honeywell’s Reveal™, which provides real-time building automation status information, also received an Honorable Mention in the Commercial Controls Products category. Reveal is small enough for easy mounting in small equipment rooms and is built on the NiagaraAX Framework®. It interfaces seamlessly with all WEBs-AX controllers and makes information accessible from all systems connected to these controllers.

An independent panel of 30 contractors served as judges in the contest which had more than 100 entries from different industry brands.

For more information, read the story in The ACHR News.

Posted on Monday, July 12, 2010

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