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Honeywell Reports Full-Year Sales Up 4% To $39.1 Billion; Proforma Earnings Per Share Up 11% To $4.97 Per Share; Reported Earnings Per Share Of $4.92

-- 4Q13 - 5% Organic Sales Growth; Proforma EPS $1.24, Up 13%, On Stronger Operations

MORRIS TOWNSHIP, N.J., Jan. 24, 2014 /PRNewswire/ -- Honeywell (NYSE: HON) today announced its results for the fourth quarter and full year 2013:

Total Honeywell




($ Millions, except Earnings Per Share)

FY 2012

FY 2013

Change

Sales

37,665

39,055

4%

Segment Margin

15.6%

16.3%

70 bps

Operating Income Margin1

13.6%

14.2%

60 bps

Earnings Per Share (Reported)

$3.69

$4.92

33%

Earnings Per Share (Proforma) 1

$4.48

$4.97

11%

Cash Flow from Operations

3,517

4,335

23%

Free Cash Flow2

3,672

3,808

4%






4Q 2012

4Q 2013

Change

Sales

9,581

10,387

8%

Segment Margin

15.6%

16.1%

50 bps

Operating Income Margin1

13.9%

13.4%

(50) bps

Earnings Per Share (Reported)

$0.32

$1.19

272%

Earnings Per Share (Proforma) 1

$1.10

$1.24

13%

Cash Flow from Operations

1,349

1,668

24%

Free Cash Flow2

1,311

1,402

7%


1. Proforma, V% / bps Exclude Pension Mark-to-Market Adjustment

2. Free Cash Flow (Cash Flow from Operations Less Capital Expenditures) Prior to Any NARCO Trust Establishment Payments, Cash Pension Contributions, and Cash Taxes Relating to the Sale of Available for Sale Investments

"Honeywell had a very strong fourth quarter, capping off a terrific year across the board with record sales, margins, and earnings," said Honeywell Chairman and CEO Dave Cote.  "Even in a continued slow-growth environment, our 2013 sales grew 4% and proforma earnings were up 11%, above our guidance, exiting the year with better than expected sales in every business.  We generated strong margin expansion driven by excellent execution, with benefits from continued traction on our key process and productivity initiatives across the portfolio.  We sustained our 'seed planting' investments for the future including innovating new products and technologies, and expanding geographically. We've also proactively funded new repositioning projects by smartly redeploying non-operating gains.  Our short-cycle businesses accelerated as we ended the year and our long-cycle order backlog stood at an impressive $15.5 billion.  While we think it's prudent to remain cautious on the global economy at this time, we're increasingly confident in our 2014 outlook based on the momentum from the fourth quarter.  And, the benefits from smart gain deployment actions position the Company for strong earnings growth and outperformance over the next 5 years." 

The company is also reaffirming its full-year 2014 guidance:

Full-Year Guidance





2014

Change



Current Guidance

vs. 2013 


Sales

 $40.3 - $40.7B

3% - 4%


Segment Margin

16.6% - 16.9%

30 - 60 bps3


Operating Income Margin1

15.2% - 15.5%

100 - 130 bps


Earnings Per Share1

$5.35 - $5.55

8% - 12%


Free Cash Flow2

 $3.8 - $4.0B

~Flat - 5%


1.

Proforma, V% / bps Exclude Pension Mark-to-Market Adjustment

2.

Free Cash Flow (Cash Flow from Operations Less Capital Expenditures) Prior to Any NARCO Trust Establishment Payments, Cash Pension Contributions, and Cash Taxes Relating to the Sale of Available for Sale Investments

3.

Segment Margin ex-M&A up 50 - 80 bps

Segment Performance

Aerospace




($ Millions)

FY 2012

FY 2013

% Change

Sales

12,040

11,980

~Flat

Segment Profit

2,279

2,372

4%

Segment Margin

18.9%

19.8%

90 bps





($ Millions)

4Q 2012

4Q 2013

% Change

Sales

3,020

3,099

3%

Segment Profit

601

636

6%

Segment Margin

19.9%

20.5%

60 bps

  • Sales were up 3% compared with the fourth quarter of 2012 driven by 3% Commercial growth and a 2% increase in Defense and Space.  Commercial original equipment (OE) sales were  approximately flat driven by continued strong OE build rates and favorable platform mix offset by higher payments due to BGA OEM customers.  Commercial aftermarket sales were up 5% driven by higher airline spares and strong BGA RMU (Repairs, Modifications, and Upgrades) sales.  Defense and Space sales increased 2% driven by a royalty gain and international strength offsetting planned program ramp downs.
  • Segment profit was up 6%, and segment margins expanded 60 bps to 20.5%, primarily due to productivity net of inflation, and commercial excellence, partially offset by investments for growth. BGA OEM payments were offset by a royalty gain in Defense and Space.

Automation and Control Solutions




($ Millions)

FY 2012

FY 2013

% Change

Sales

15,880

16,556

4%

Segment Profit

2,232

2,437

9%

Segment Margin

14.1%

14.7%

60 bps





($ Millions)

4Q 2012

4Q 2013

% Change

Sales

4,172

4,576

10%

Segment Profit

645

698

8%

Segment Margin

15.5%

15.3%

(20) bps

  • Sales were up 10% reported, up 4% organic, compared with the fourth quarter of 2012,  primarily driven by the favorable impact of acquisitions, growth in Energy, Safety, and Security due to strong residential end markets, new product introductions, and strength in the Americas Distribution business.
  • Segment profit was up 8% and segment margins were down (20) bps to 15.3% driven by the dilutive impact of acquisitions, higher Building Solutions and Distribution sales, and continued investments for growth partially offset by volume and productivity net of inflation, including benefits from prior period repositioning.

Performance Materials and Technologies




($ Millions)

FY 2012

FY 2013

% Change

Sales

6,184

6,764

9%

Segment Profit

1,154

1,271

10%

Segment Margin

18.7%

18.8%

10 bps





($ Millions)

4Q 2012

4Q 2013

% Change

Sales

1,545

1,734

12%

Segment Profit

210

272

30%

Segment Margin

13.6%

15.7%

210 bps

  • Sales were up 12% reported, 9% organic, compared with the fourth quarter of 2012, driven by the favorable impact of the Thomas Russell acquisition, increased UOP catalyst and gas processing volume, and improved production volumes in Advanced Materials.
  • Segment profit was up 30% and segment margins expanded 210 bps to 15.7% in the fourth quarter primarily due to strong volume and productivity, partially offset by continued investments for growth. 

Transportation Systems




($ Millions)

FY 2012

FY 2013

% Change

Sales

3,561

3,755

5%

Segment Profit

432

498

15%

Segment Margin

12.1%

13.3%

120 bps





($ Millions)

4Q 2012

4Q 2013

% Change

Sales

844

978

16%

Segment Profit

94

133

41%

Segment Margin

11.1%

13.6%

250 bps

  • Sales were up 16% reported, 15% organic, compared with the fourth quarter of 2012, driven by continued growth from new platform launches, higher global turbo gas penetration and light vehicle production, and an uptick in China commercial vehicle demand.
  • Segment profit was up 41% in the fourth quarter and segment margins expanded 250 bps to 13.6% primarily driven by strong Turbo material productivity and volume leverage, and operational improvements in Friction Materials.

Honeywell will discuss its results during its investor conference call today starting at 9:00 a.m. EST.  To participate on the conference call, please dial (800) 862-9098 (domestic) or (785) 424-1051 (international) a few minutes before the 9:00 a.m. EST start. Please mention to the operator that you are dialing in for Honeywell's fourth quarter 2013 earnings call or provide the conference code, HONQ413.  You can hear a replay of the conference call from 12:00 p.m. EST, January 24, until 11:59 p.m. EST, January 31, by dialing (800) 283-4799 (domestic) or (402) 220-0860 (international).

A real-time audio webcast of the presentation can be accessed at http://www.honeywell.com/investor, where related materials will be posted prior to the presentation. The presentation materials will be in Adobe Acrobat format. A replay of the webcast will be available following the presentation at the same link listed above for 30 days.

Honeywell (www.honeywell.com) is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes, and industry; automotive products; turbochargers; and performance materials. Based in Morris Township, N.J., Honeywell's shares are traded on the New York, London, and Chicago Stock Exchanges.  For more news and information on Honeywell, please visit www.honeywellnow.com.

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, and technological factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements. 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.

Contacts:


Media

Investor Relations

Robert C. Ferris

Elena Doom

(973) 455-3388

(973) 455-2222

[email protected]

[email protected]

 


Honeywell International Inc

Consolidated Statement of Operations (Unaudited)

(Dollars in millions, except per share amounts)












Three Months Ended


 Twelve Months Ended 



December 31,


December 31,



2013


2012


2013


2012










Product sales

$     8,303


$   7,628


$  31,214


$  29,812

Service sales

2,084


1,953


7,841


7,853

Net sales

10,387


9,581


39,055


37,665










Costs, expenses and other








    Cost of products sold  (A)

6,278


6,302


23,317


22,929

    Cost of services sold  (A)

1,334


1,379


5,047


5,362



7,612


7,681


28,364


28,291

    Selling, general and administrative expenses (A)

1,438


1,523


5,190


5,218

    Other (income) expense

(185)


(16)


(238)


(70)

    Interest and other financial charges

83


87


327


351



8,948


9,275


33,643


33,790










Income before taxes

1,439


306


5,412


3,875

Tax expense

475


51


1,450


944










Net income

964


255


3,962


2,931










Less: Net income attributable to the noncontrolling interest

17


4


38


5










Net income attributable to Honeywell

$        947


$     251


$    3,924


$    2,926










Earnings per share of common stock - basic

$       1.20


$    0.32


$      4.99


$      3.74










Earnings per share of common stock - assuming dilution

$       1.19


$    0.32


$      4.92


$      3.69










Weighted average number of shares outstanding-basic

785.9


787.2


786.4


782.4










Weighted average number of shares outstanding -








    assuming dilution

797.0


796.4


797.3


791.9


(A) Cost of products and services sold and selling, general and administrative expenses include amounts for repositioning and other charges, pension and other postretirement (income) expense, and stock compensation expense.


(B) Below is a reconciliation of Earnings per share to Earnings per share, excluding mark-to-market pension expense. We believe this measure is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.



Three Months Ended


Twelve Months Ended



December 31,


December 31,



20131


20121


20131


20121











Earnings per share of common stock - assuming dilution

$       1.19


$    0.32


$      4.92


$      3.69


Mark-to-market pension expense

0.05


0.78


0.05


0.79











Earnings per share of common stock - assuming dilution, 









excluding mark-to-market pension expense

$       1.24


$    1.10


$      4.97


$      4.48











1- EPS utilizes weighted average shares outstanding and the effective tax rate for the period.  Mark-to-market uses a blended tax rate of 25.5% and 35.0% for 2013 and 2012, respectively.

 

 

Honeywell International Inc

Segment Data (Unaudited) 

(Dollars in millions)












Three Months Ended


Twelve Months Ended



December 31,


December 31,

Net Sales

2013


2012


2013


2012










Aerospace

$         3,099


$         3,020


$       11,980


$       12,040










Automation and Control Solutions

4,576


4,172


16,556


15,880










Performance Materials and Technologies

1,734


1,545


6,764


6,184










Transportation Systems

978


844


3,755


3,561










     Total

$       10,387


$         9,581


$       39,055


$       37,665



















Reconciliation of Segment Profit to Income Before Taxes












Three Months Ended


Twelve Months Ended



December 31,


December 31,

Segment Profit

2013


2012


2013


2012










Aerospace

$            636


$            601


$         2,372


$         2,279










Automation and Control Solutions

698


645


2,437


2,232










Performance Materials and Technologies

272


210


1,271


1,154










Transportation Systems

133


94


498


432










Corporate

(70)


(54)


(227)


(218)










     Total segment profit

1,669


1,496


6,351


5,879










Other income (expense) (A)

180


7


202


25

Interest and other financial charges

(83)


(87)


(327)


(351)

Stock compensation expense (B)

(41)


(39)


(170)


(170)

Pension ongoing income (expense) (B)

22


(7)


90


(36)

Pension mark-to-market expense (B)

(51)


(957)


(51)


(957)

Other postretirement expense (B)

(13)


(20)


(20)


(72)

Repositioning and other charges (B)

(244)


(87)


(663)


(443)










Income before taxes

$         1,439


$            306


$         5,412


$         3,875



















(A)  Equity income (loss) of affiliated companies is included in segment profit.










(B)  Amounts included in cost of products and services sold and selling, general and administrative expenses.

 

 

 

Honeywell International Inc

Consolidated Balance Sheet (Unaudited)

(Dollars in millions)











December 31,

December 31,




2013



2012










ASSETS








Current assets:







    Cash and cash equivalents


$      6,422



$      4,634


    Accounts, notes and other receivables


7,929



7,429


    Inventories


4,293



4,235


    Deferred income taxes


849



669


    Investments and other current assets


1,671



631



Total current assets


21,164



17,598










Investments and long-term receivables


393



623


Property, plant and equipment - net


5,278



5,001


Goodwill


13,046



12,425


Other intangible assets - net


2,514



2,449


Insurance recoveries for asbestos related liabilities


595



663


Deferred income taxes


368



1,889


Other assets


2,077



1,205











Total assets


$    45,435



$    41,853










LIABILITIES AND SHAREOWNERS' EQUITY







Current liabilities:







    Accounts payable


$      5,174



$      4,736


    Short-term borrowings


97



76


    Commercial paper


1,299



400


    Current maturities of long-term debt


632



625


    Accrued liabilities


7,016



7,208



Total current liabilities


14,218



13,045










Long-term debt


6,801



6,395


Deferred income taxes


804



628


Postretirement benefit obligations other than pensions


982



1,365


Asbestos related liabilities


1,150



1,292


Other liabilities


3,734



5,913


Redeemable noncontrolling interest


167



150


Shareowners' equity


17,579



13,065











Total liabilities, redeemable noncontrolling interest and shareowners' equity


$    45,435



$    41,853


 

 

Honeywell International Inc

 Consolidated Statement of Cash Flows (Unaudited)

(Dollars in millions)












Three Months Ended


Twelve Months Ended



December 31, 


December 31, 



2013


2012


2013


2012

Cash flows from operating activities:









    Net income


$      964


$      255


$  3,962


$ 2,931

    Less: Net income attributable to the noncontrolling interest


17


4


38


5

    Net income attributable to Honeywell


947


251


3,924


2,926

    Adjustments to reconcile net income attributable to Honeywell to net









    cash provided  by operating activities:









        Depreciation and amortization


249


245


989


926

        Loss (Gain) on sale of non-strategic businesses and assets


20


(2)


20


(5)

        Gain on sale of available for sale investments


(195)


-


(195)


-

        Repositioning and other charges


244


87


663


443

        Net payments for repositioning and other charges


(246)


(151)


(763)


(503)

        Pension and other postretirement expense (income)


42


984


(19)


1,065

        Pension and other postretirement benefit payments


(45)


(295)


(298)


(1,183)

        Stock compensation expense


41


39


170


170

        Deferred income taxes


5


(235)


262


84

        Excess tax benefits from share based payment arrangements


(31)


(28)


(132)


(56)

        Other


273


69


308


108

        Changes in assets and liabilities, net of the effects of









        acquisitions and divestitures:









           Accounts, notes and other receivables


17


41


(365)


(119)

           Inventories


135


78


41


25

           Other current assets


(393)


(1)


(421)


(78)

           Accounts payable


384


207


352


(13)

           Accrued liabilities


221


60


(201)


(273)

Net cash provided by operating activities


1,668


1,349


4,335


3,517










Cash flows from investing activities:









    Expenditures for property, plant and equipment


(400)


(298)


(947)


(884)

    Proceeds from disposals of property, plant and equipment


8


3


15


5

    Increase in investments


(517)


(220)


(1,220)


(702)

    Decrease in investments


474


272


1,122


559

    Cash paid for acquisitions, net of cash acquired


(70)


(376)


(1,133)


(438)

    Proceeds from sales of businesses, net of fees paid


3


3


3


21

    Other


97


53


201


11

Net cash used for investing activities


(405)


(563)


(1,959)


(1,428)










Cash flows from financing activities:









    Net (decrease) increase in commercial paper


(800)


(499)


899


(199)

    Net increase in short-term borrowings


13


3


31


22

    Proceeds from issuance of common stock


85


163


447


342

    Proceeds from issuance of long-term debt


1,036


16


1,063


102

    Payments of long-term debt


(3)


(1)


(607)


(1)

    Excess tax benefits from share based payment arrangements


31


28


132


56

    Repurchases of common stock


(304)


(317)


(1,073)


(317)

    Cash dividends paid


(358)


(331)


(1,353)


(1,211)

    Other


-


-


28


-

Net cash used for financing activities


(300)


(938)


(433)


(1,206)










Effect of foreign exchange rate changes on cash and cash equivalents


(40)


26


(155)


53

Net increase (decrease) in cash and cash equivalents


923


(126)


1,788


936

Cash and cash equivalents at beginning of period


5,499


4,760


4,634


3,698

Cash and cash equivalents at end of period


$   6,422


$   4,634


$  6,422


$ 4,634

 

Honeywell International Inc

Reconciliation of Cash Provided by Operating Activities to Free Cash Flow (Unaudited)

(Dollars in millions)

































Three Months Ended


 Twelve Months Ended 




December 31,


December 31,




2013


2012


2013


2012












Cash provided by operating activities


$     1,668


$      1,349


$   4,335


$      3,517


Expenditures for property, plant and equipment 


(400)


(298)


(947)


(884)














$     1,268


$      1,051


$   3,388


$      2,633












Cash pension contributions


5


260


156


1,039


NARCO Trust establishment payments


29


-


164


-


Cash taxes relating to the sale of available for sale investments


100


-


100


-












Free cash flow


$     1,402


$      1,311


$   3,808


$      3,672



We define free cash flow as cash provided by operating activities, less cash expenditures for property, plant and equipment, cash pension contributions, NARCO Trust establishment payments and cash taxes relating to the sale of available for sale investments.

 

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, and to 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.

   

 


Honeywell International Inc

Reconciliation of Segment Profit to Operating Income and Calculation of Segment Profit and Operating Income Margins Excluding Pension Mark-to-Market Adjustment  (Unaudited)

(Dollars in millions)




















Three Months Ended



December 31,




2013


2012








Segment Profit


$     1,669


$    1,496








Stock compensation expense (A)


(41)


(39)


Repositioning and other (A, B)


(249)


(96)


Pension ongoing income (expense) (A)


22


(7)


Pension mark-to-market adjustment (A)


(51)


(957)


Other postretirement expense (A)


(13)


(20)








Operating Income


$     1,337


$       377


Pension mark-to-market adjustment (A)


$        (51)


$      (957)


Operating Income excluding pension mark-to-market adjustment


$     1,388


$    1,334








Segment Profit


$     1,669


$    1,496


÷ Sales


$   10,387


$    9,581


Segment Profit Margin %


16.1%


15.6%








Operating Income


$     1,337


$       377


÷ Sales


$   10,387


$    9,581


Operating Income Margin %


12.9%


3.9%








Operating Income excluding pension mark-to-market adjustment


$     1,388


$    1,334


÷ Sales


$   10,387


$    9,581


Operating Income Margin excluding pension mark-to-market adjustment %


13.4%


13.9%



(A) Included in cost of products and services sold and selling, general and administrative expenses.

(B) Includes repositioning, asbestos, environmental expenses and equity income adjustment.


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 Segment Profit to Operating Income Excluding Pension Mark-to-Market Adjustment and

Calculation of Segment Profit and Operating Income Margins Excluding Pension Mark-to-Market Adjustment (Unaudited)

(Dollars in millions)









Twelve Months Ended




December 31, 




2013








Segment Profit



$    6,351









Stock compensation expense (A)



(170)



Repositioning and other (A, B)



(699)



Pension ongoing expense (A)



90



Pension mark-to-market adjustment (A)



(51)



Other postretirement expense (A)



(20)









Operating Income



$    5,501



Pension mark-to-market adjustment (A)



$       (51)



Operating Income excluding pension mark-to-market adjustment



$    5,552









Segment Profit



$    6,351



÷ Sales



$  39,055



Segment Profit Margin %



16.3%









Operating Income



$    5,501



÷ Sales



$  39,055



Operating Income Margin %



14.1%









Operating Income excluding pension mark-to-market adjustment



$    5,552



÷ Sales



$  39,055



Operating Income Margin excluding pension mark-to-market adjustment %



14.2%




(A) Included in cost of products and services sold and selling, general and administrative expenses.

(B) Includes repositioning, asbestos, environmental expenses and equity income adjustment.


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 Segment Profit to Operating Income Excluding Pension Mark-to-Market Adjustment and

Calculation of Segment Profit and Operating Income Margins Excluding Pension Mark-to-Market Adjustment (Unaudited)

(Dollars in millions)









Twelve Months Ended




December 31, 




2012








Segment Profit



$    5,879









Stock compensation expense (A)



(170)



Repositioning and other (A, B)



(488)



Pension ongoing expense (A)



(36)



Pension mark-to-market adjustment (A)



(957)



Other postretirement expense (A)



(72)









Operating Income



$    4,156



Pension mark-to-market adjustment (A)



$     (957)



Operating Income excluding pension mark-to-market adjustment



$    5,113









Segment Profit



$    5,879



÷ Sales



$  37,665



Segment Profit Margin %



15.6%









Operating Income



$    4,156



÷ Sales



$  37,665



Operating Income Margin %



11.0%









Operating Income excluding pension mark-to-market adjustment



$    5,113



÷ Sales



$  37,665



Operating Income Margin excluding pension mark-to-market adjustment %



13.6%




(A) Included in cost of products and services sold and selling, general and administrative expenses.

(B) Includes repositioning, asbestos, environmental expenses and equity income adjustment.


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

EPS Impact of Gain on Sale of Available for Sale Investments (Unaudited)

(Dollars in millions, except per share amounts)








Three Months Ended




December 31, 




2013





Gain on sale of available for sale investments

$       195





Taxes at 34.9%

68





After tax gain on sale of available for sale investments

$       127





EPS impact of gain on sale of available for sale investments(1)

$      0.16





(1) Utilizes weighted average shares of 797.0 million



 

 

SOURCE Honeywell

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