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.

Honeywell has named Briand Greer President of Aerospace Asia Pacific. Greer is based in Shanghai and will report to Tim Mahoney, President and CEO of Honeywell Aerospace. Greer succeeds Mark Howes, who will be returning to Phoenix, Arizona, to continue a role within the Aerospace Leadership Team.

As president of Honeywell Aerospace in Asia Pacific, Greer will oversee direct Honeywell operations across six countries and broader field operations across a network of 14 countries in the region. 
 
“Briand has more than 20 years of experience in the aerospace industry,” said Mahoney. “Briand’s deep understanding of our technologies and capabilities, combined with his track record of growing our Aerospace business globally, will be critical to strengthening our position in Asia Pacific and help advance China’s aviation industry.”

Greer was most recently Vice President of China Growth at Honeywell Aerospace, in which he was responsible for all strategic growth initiatives with the Aviation Industry Corporation of China (AVIC) and other entities across the region. Previously, Greer has held positions with Honeywell as Vice President of Global Sales and Business Development for the Defense & Space business unit and as Vice President of Airline Sales, where he was responsible for global airline sales, business development strategies and execution.  Greer has traveled and done business in Asia for the past 15 years and has led aerospace business development in China for the last seven years.

For more information, read the press release.

UOP LLC, a Honeywell company, announced that Honeywell Green Jet Fuel™, produced using process technology from Honeywell’s UOP, is powering Aeroméxico’s Mexico City to San José, Costa Rica route, marking one of the first uses of renewable fuels in everyday airplane passenger service.

Honeywell’s UOP process technology produces Green Jet Fuel from natural oils and wastes.  The fuel meets all specifications for flight and, when used in a 50-50 blend with petroleum-derived jet fuel, is a drop-in replacement that requires no changes to the aircraft or engine.

Aeroméxico has begun use of Green Jet Fuel made by Honeywell’s UOP on its regular Mexico City to Costa Rica route as part of its “Green Flights” project designed to reduce greenhouse gas emissions. The Aeroméxico-operated Boeing 737-700, which carries up to 124 passengers, will use a 15 percent blend of Green Jet Fuel made from the inedible plant camelina and petroleum-based fuel. 

For more information, read the press release.

UOP LLC, a Honeywell company, announced that Green Jet Fuel, produced jointly with PetroChina, powered China’s first biofuel demonstration flight.

The Air China demonstration flight, which took off and landed in Beijing, used a 50 percent blend of petroleum-based fuel and Green Jet Fuel made from the inedible plant jatropha in one engine of a Boeing 747-400 aircraft. The jatropha used to produce the fuel was grown on PetroChina’s jatropha plantation cooperation base in southwest China.

Honeywell’s UOP process technology produces Honeywell Green Jet Fuel™ from natural oils and wastes such as jatropha, camelina, and algae. The fuel meets all specifications for flight and, when used up to a 50 percent blend with petroleum-derived jet fuel, is a drop-in replacement that requires no changes to the aircraft or engine. 

To date, more than 700,000 gallons of Honeywell Green Jet Fuel have been produced for use in more than 20 test and commercial flights on military and commercial platforms. In each flight, the biofuel performed as well, if not better, than traditional petroleum-based fuels.

For more information, read the press release.

• 3Q11 sales were up 14% to $9.3 billion versus $8.1 billion in 3Q10
    – 8% organic growth reflects continued strength in end markets
• 3Q11 earnings of $1.10 per share, an increase of 45% over $0.76 in 3Q10
    – Segment profit growth and margin expansion in all segments
    – Includes $0.04 benefit from lower tax rate; tax rate favorability expected to be offset in 4Q11
    – Includes $0.33 repositioning and other actions funded by the gain on sale of the divested Consumer Products Group (CPG) business ($0.23, discontinued operations) and OPEB curtailment ($0.10) in the quarter, which will better position the company for 2012 and beyond
• 3Q11 cash flow from operations of $0.7 billion, includes $400 million cash pension contribution
    – 3Q11 free cash flow (cash flow from operations less capital expenditures) of $884 million, excludes $400 million cash pension contribution

The company is raising its 2011 sales and EPS outlook and now expects:
• 2011 sales of $36.5 – 36.7 billion, up approximately 13% over 2010
    – Excludes the divested CPG business, treated as discontinued operations
• 2011 proforma earnings per share of $4.00 – 4.05, up 33 – 35% over 2010
    – Mark-to-market pension adjustments in both periods excluded
• 2011 free cash flow guidance of approximately $3.5 billion, prior to any cash pension contribution

“Honeywell’s strong third quarter results are a continuation of the momentum we’ve seen across our businesses in 2011,” said Honeywell Chairman and CEO Dave Cote.  “Our third quarter sales growth reflects a particularly robust Commercial Aerospace upcycle, with growth in both original equipment and aftermarket sales. It also highlights the company’s extensive innovation pipeline and increasing presence in high growth regions in all our businesses. Our long-cycle backlog continues at near record levels, with sustained strong orders growth particularly at UOP, ACS Solutions, and Commercial Aerospace. Further, our short-cycle businesses, such as Turbo Technologies, Advanced Materials, and ACS Products are performing well overall.” 

“Despite signals of slower economic growth, we expect positive organic growth to continue the rest of this year and into 2012,” concluded Cote. “The repositioning actions we took in the third quarter, funded by non-operational gains, better position our businesses for 2012 and beyond. These repositioning tailwinds, combined with our great positions in good industries, execution track record, and disciplined playbook, will be keys to our continued outperformance.”

For more information, read the press release, watch Chairman and CEO Dave Cote discuss the company’s financial performance on CNBC, or listen to a replay of the Investor Conference Call.

UOP LLC, a Honeywell company, has begun construction in Hawaii of a biofuels demonstration unit that will convert forest residuals, algae and other cellulosic biomass into green transportation fuels.

Backed by a $25 million U.S. Department of Energy (DOE) award, the Honeywell UOP Integrated Biorefinery will upgrade biomass into high-quality renewable gasoline, diesel and jet fuel. The project is part of the DOE’s efforts to help spur the creation of the domestic biofuel industry, drive domestic job creation and reduce U.S. dependence on foreign oil. The project will also support the Hawaii Clean Energy Initiative goal to achieve 70 percent clean energy by the year 2030.

Located at the Tesoro Corp. refinery in Kapolei, the Integrated Biorefinery will be used to demonstrate viability of the technology, test the fuels produced and evaluate the environmental footprint of the fuels and the process technology. The project, which will generate more than 80 new jobs during construction, is scheduled to begin initial production in 2012. It is expected to be fully operational by 2014.

For more information, read the press release.

Honeywell Chairman and CEO Dave Cote discussed the strong performance in each of Honeywell’s four businesses, the first transatlantic flight which was powered by the company’s biofuels, and U.S. debt and deficit on “Countdown to the Closing Bell” with host Liz Claman on Fox Business News.

During the interview, Cote said each of Honeywell’s four main businesses – Aerospace, Automation and Control Solutions, Transportation Systems, and Specialty Materials – is growing.

“Right now, everything is doing well.  That’s the part that I find interesting – despite all of the dire news that we keep reading, if I take a look at order rates across the board in all of our businesses and all of our regions, everything’s doing pretty darn well right now,” said Cote.  “Whether it’s aerospace where we see growth, anything having to do with controls, which is a big part of our energy efficiency portfolio, the materials side, the chemicals, anything going into petrochemical plants, and turbochargers – all of them are doing very well.”

Cote, a member of the U.S. Commission on Fiscal Responsibility and Reform, also discussed how politics is holding up economic progress in the U.S.

“It’s important for government to recognize that they don’t just regulate business – they enable business.  And too often it seems like government views themselves as the regulator as opposed to the enabler. I wouldn’t mind more discussion about how to enable business, like with energy prices.”

For more information, watch the interview.

Honeywell’s Green Jet Fuel has successfully powered the first transatlantic biofuel flight, which landed at Paris-Le Bourget Airport.

The Honeywell-operated Gulfstream G450 became the first aircraft to fly from North America to Europe with a 50/50 blend of Honeywell Green Jet Fuel and petroleum-based jet fuel, powering one of the aircraft’s Rolls-Royce engines. It was also the first business jet to be powered by a biofuel.

The flight departed Morristown, N.J., at 9 p.m. Friday and arrived in Paris about seven hours after takeoff. The jet closely followed the route taken by Charles Lindbergh’s famous first flight across the Atlantic.

The biofuel was derived from camelina, a dedicated energy crop that does not compete in the food chain as it grows in rotation with wheat acreage and can also grow on marginal land. The feedstock for this flight was grown and harvested by Sustainable Oils, a U.S.-based producer of camelina-based technology.

Honeywell has produced more than 700,000 gallons of Honeywell Green Jet Fuel from sustainable, inedible sources such as camelina, jatropha and algae for use in commercial and military testing. In each of the 16 biofuel flights conducted to date, Honeywell Green Jet Fuel proved that it meets all specifications for flight on military and commercial platforms without any modification to the aircraft or engines.

Based on lifecycle analyses, use of Honeywell Green Jet Fuel on the flight saved approximately 5.5 metric tons of net carbon dioxide emissions compared to the same flight powered by petroleum-based fuel. 

In addition to biofuels, Honeywell offers a range of technologies to help airlines reduce fuel costs — the largest single operating cost for airlines.

The flight received much attention from industry organizations and media outlets such as CNBC, Forbes and the Wall Street Journal, among others.

For more information, read the press release and watch videos of the first transatlantic biofuel flight’s takeoff and landing.

Honeywell Green Jet Fuel™ powered two Air Force F-16 aircraft as part of a Thunderbirds demonstration at Joint Base Andrews in Maryland. During a Joint Services Open House at the base, two Thunderbird aircraft performed using a 50/50 blend of Honeywell Green Jet Fuel made from camelina and petroleum-based jet fuel. Camelina, grown and harvested for the Air Force by Sustainable Oils LLC, is an inedible, second-generation plant source for biofuels that does not deplete valuable food, land or water resources.

The event marked the first use of an alternative fuel blend by an air demonstration team. To date, the Air Force has fully certified Honeywell Green Jet Fuel on the C-17 Globemaster III the F-16 and successfully demonstrated the fuel on the A-10 Thunderbolt, the F-15 Eagle and the F-22 Raptor platforms.

For more information, read the press release.

Honeywell launched its “Digital Dashboard,” a new Website, which is accessible from the homepage of www.Honeywell.com, and iPad “App” that highlights the company’s differentiated technologies, Great Positions in Good Industries, alignment with key macro trends, and strong financial track record.  The online and mobile format improves access and is more useful and contemporary than glossy annual reports, allowing for a greater variety and quantity of content to be presented in a more compelling and updated way.

The new Website and App feature current stock price information, the latest company news, and hundreds of interactive facts, statistics, animations, photos, and videos that will better help the investment community, customers, employees, government officials, and community leaders understand the breadth and depth of Honeywell’s four businesses – Aerospace, Automation and Control Solutions, Transportation Systems, and Specialty Materials – as well as the company’s terrific growth and financial performance.

For more information, read the press release, visit www.honeywell.com, or download the corporate App from the iTunes App Store.