Honeywell announced fourth quarter and full-year 2011 results as follows:
• 4Q11 sales were up 8% to $9.5 billion versus $8.7 billion in 4Q10
– 7% organic growth reflects continued strength in most end markets and the contribution of new product launches and geographic expansion
• 4Q11 proforma earnings (excluding the impact of pension mark-to-market adjustments) of $1.05 per share, up 21% over $0.87 in 4Q10; Reported 4Q11 earnings reflected a loss of ($0.40) per share versus earnings of $0.47 per share in the prior year
– Pension mark-to-market adjustment of $1.45 per share calculated using 784.3 million weighted average shares outstanding assuming dilution
• 4Q11 cash flow from operations of $1.5 billion, includes $250 million cash pension contribution in the quarter
– 4Q11 free cash flow (cash flow from operations less capital expenditures) of $1.4 billion, prior to $250 million cash pension contribution
The company reported full-year 2011 results including:
• 2011 sales of $36.5 billion, up approximately 13% over 2010
– 8% organic sales growth, again reflecting strong end markets, successful new product launches, and continued expansion in high growth regions
• 2011 proforma earnings (excluding the impact of pension mark-to-market adjustments) of $4.05 per share, up 35% over $3.00 in 2010; Reported EPS of $2.61 in 2011 versus $2.59 in the prior year
– Pension mark-to-market adjustment of $1.44 per share calculated using 791.6 million weighted average shares outstanding assuming dilution
• 2011 cash flow from operations of $2.8 billion, includes $1.7 billion cash pension contribution in the year
– 2011 free cash flow of approximately $3.7 billion, prior to $1.7 billion cash pension contribution
“Honeywell had a terrific 2011,” said Honeywell Chairman and CEO Dave Cote. “We executed across the portfolio with record organic sales growth and segment margins. Our 2011 performance reflects the operational and financial disciplines that underpin the transformation that has taken place at the company over the last 10 years. We deployed the Honeywell 5 Initiatives – Growth, Productivity, Cash, People, and our Enablers, and created a common One Honeywell culture committed to continuous improvement. As a result, we built a better set of businesses with Great Positions in Good Industries, a terrific performance track record, a great leadership team with a truly global focus, a very full pipeline of new products and technologies, and our key process initiatives that are gaining momentum. We’ve come a long way, and we feel even better about our future.”
“While we expect a more challenging macro environment ahead in 2012, primarily driven by softness in Europe impacting the short-cycle businesses, we’re confident that Honeywell is well positioned to continue to outperform,” continued Cote. “Our long-cycle businesses are accelerating, with Commercial Aerospace OE, UOP, Building Solutions & Distribution, and Process Solutions all having substantial backlog, in total just under $16 billion. While we expect growth to moderate in the first half of 2012, we’re confident that we can drive strong sales conversion leading to higher segment margins over the course of the year. The investments we’ve made, coupled with our execution track record and disciplined playbook, will be key to our continued outperformance in 2012 and beyond.”
For more information, read the press release or listen to a replay of the Investor Conference Call.
Posted on Friday, January 27, 2012
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Honeywell Turbo Technologies (HTT), the global leader in automotive turbocharger development, showcased an industry first turbocharger application for micro diesel engines as well as its expanded portfolio of turbochargers featuring global technologies not previously offered in India at the 11th Auto Expo 2012.
HTT developed a turbo application with optimized aerodynamics for micro 2-cylinder diesel engines below 1.0L. This application is currently being deployed in India on 0.8L engines. Honeywell also featured other industry innovations such as its variable geometry VNT turbos including its third generation VNT combined with a rotary electric actuator – the first time this combination has been available in India.
Within the light vehicle segment, turbo penetration in India has grown from 27 percent in 2010 to 31 percent in 2011. It is expected to reach more than 40 percent penetration by 2016. This rapid growth in India is consistent with global penetration growth estimates as manufacturers use turbocharging as an enabler for engine downsizing. A downsized turbocharged engine allows manufacturers to meet higher fuel economy standards and reduced emissions and yet maintain the power and performance of the larger naturally-aspirated engine it replaces.
For more information, read the press release.
Posted on Thursday, January 26, 2012
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UOP LLC, a Honeywell company, announced that it has been selected by Samsung Total Petrochemicals Co., Ltd. to provide technologies for the production of key petrochemicals and high-quality diesel and jet fuel at its complex in Daesan, South Korea.
The integrated aromatics complex will be the first to employ the latest energy-efficient designs from UOP, allowing Samsung to reduce energy consumption by 33 percent and offering significant savings in greenhouse gas emissions compared with earlier designs.
The facility will use several integrated UOP technologies to produce 1 million metric tons of para-xylene and 500,000 metric tons of benzene per year. Para-xylene and benzene are key aromatics used in the production of synthetic fibers and resins. According to WorldPET, a consultant for the global para-xylene industry, the demand for para-xylene in Northeast Asia is expected to increase by 80 percent over the next five years.
UOP was also selected by South Korea’s Kumho P&B Chemicals, Inc. to provide technology to produce key petrochemicals for the manufacture of plastics. UOP Q-Max™ and UOP Phenol™ process technologies will be integrated at Kumho’s Yeosu, South Korea, facility to produce high-quality phenol. Honeywell’s UOP will provide engineering design, technology licensing, catalysts, adsorbents, and technical service for the project.
According to industry consultants, the demand for materials produced using these petrochemicals is forecasted to grow in Asia by as much as nine percent annually over the next five years, driven by demand for automobiles, appliances, and electronics.
For more information, read the press release on the Samsung Total Petrochemicals Co., Ltd. project and the press release on the Kumho P&B Chemicals facility.
Posted on Wednesday, January 25, 2012
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 Aldous Wong, HBS Vice President & General Manager, North Asia, shakes hands with Ai Yamin, Deputy Director of TEDA at the signing ceremony.
Honeywell signed an agreement with the Tianjin Economic-Technological Development Area (TEDA) to implement China’s first Smart Grid Demand Response project. State Grid Electric Power Research Institute selected Honeywell to develop the project in February. The signing also represents the official launch of the Demand Response System Pilot jointly sponsored by the Chinese and United States governments through the U.S.-China Energy Cooperation Program (ECP), which aims to develop a nationwide set of smart grid industry standards and regulations in China.
Under the Honeywell-TEDA agreement, Honeywell will conduct a demonstration project using its automated demand response (Auto DR) technology at select facilities within the TEDA development area, including office buildings, government and commercial facilities, and industrial plants.
As the world’s largest energy user, China seeks to develop a “smarter” electrical grid to better manage the country’s growing demand for energy and improve the reliability and efficiency of the nation’s utility infrastructure. Honeywell’s smart grid technology and expertise connects the utility and its customers so they can automatically adjust energy consumption to reduce demands on the energy grid.
For more information, read the press release.
Posted on Friday, January 13, 2012
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Honeywell acquired Fire Sentry Corporation, a privately-held manufacturer of innovative fire detection and control products for a broad range of industrial markets. The terms of the transaction were not disclosed.
Based in Yorba Linda, California, Fire Sentry’s product portfolio consists of fast-responding electro-optical flame detectors, portable test lamps, and dedicated control panels that are used by customers in industrial settings such as petrochemical, semiconductor, paint booth/finishing, automobile airbags, and munitions plants. Fire Sentry’s products are designed to ensure rapid, accurate, and reliable detection of both hydrocarbon and non-hydrocarbon fires within a single device.
The acquisition will help Honeywell significantly expand its gas and flame detection, and monitoring solutions and builds on the company’s acquisitions of System Sensor in 1984 and Zellweger Analytics in 2005 among other important acquisitions in the gas detection arena. The company will be integrated into Honeywell Life Safety and will extend significant synergies in distribution channels, vertical end-markets, and global end-users.
For more information, read the press release.
Posted on Friday, January 6, 2012
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 Pictured left to right: Shane Tedjarati, President, High Growth Regions, and Stephen Shang, President, Honeywell China
Honeywell announced that Shane Tedjarati was named to the broader role of President, High Growth Regions, and Stephen Shang will take over as President, Honeywell China, effective immediately. Tedjarati will continue to report directly to Honeywell Chairman and CEO Dave Cote. Shang will report to Tedjarati.
“Globalization has been a key pillar of our Growth Initiative for the past decade,” said Dave Cote, Honeywell Chairman and CEO. “Ten years ago, less than 40% of our sales were generated outside the U.S. Today, our company is twice the size, and approximately 55% of our revenues are generated outside the U.S. We began executing this strategy by focusing on the two most important emerging markets – China and India. That strategy has proven to be a good one. We have grown nearly ten-fold in revenues and now have nearly 25,000 employees in China and India, representing a significant share of our global growth story.”
For biographical and additional information, read the press release.
Posted on Wednesday, January 4, 2012
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