Honeywell Intl 1st Quarter Results -2-
April 17 2014 - 8:34AM
UK Regulatory
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.
Honeywell International Inc.
Consolidated Statement of Operations (Unaudited)
(Dollars in millions, except per share amounts)
Three Months Ended
March 31,
2014 2013
Product sales $ 7,845 $ 7,474
Service sales 1,834 1,854
Net sales 9,679 9,328
Costs, expenses and other
Cost of products sold (A) 5,779 5,567
Cost of services sold (A) 1,188 1,216
6,967 6,783
Selling, general and administrative expenses (A) 1,339 1,229
Other (income) expense (117) (28)
Interest and other financial charges 79 84
8,268 8,068
Income before taxes 1,411 1,260
Tax expense 375 291
Net income 1,036 969
Less: Net income attributable to the noncontrolling interest 19 3
Net income attributable to Honeywell $ 1,017 $ 966
Earnings per share of common stock - basic $ 1.30 $ 1.23
Earnings per share of common stock - assuming dilution $ 1.28 $ 1.21
Weighted average number of shares outstanding-basic 784.9 785.8
Weighted average number of shares outstanding - assuming dilution 796.4 797.1
(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.
Honeywell International Inc.
Segment Data (Unaudited)
(Dollars in millions)
Three Months Ended
March 31,
Net Sales 2014 2013
Aerospace $ 2,858 $ 2,911
Automation and Control Solutions 4,074 3,786
Performance Materials and Technologies 1,754 1,717
Transportation Systems 993 914
Total $ 9,679 $ 9,328
Reconciliation of Segment Profit to Income Before Taxes
Three Months Ended
March 31,
Segment Profit 2014 2013
Aerospace $ 549 $ 551
Automation and Control Solutions 580 523
Performance Materials and Technologies 364 374
Transportation Systems 154 111
Corporate (51) (51)
Total segment profit 1,596 1,508
Other income (expense) (A) 111 19
Interest and other financial charges (79) (84)
Stock compensation expense (B) (52) (54)
Pension ongoing income (B) 61 21
Other postretirement expense (B) (12) (22)
Repositioning and other charges (B) (214) (128)
Income before taxes $ 1,411 $ 1,260
(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)
March 31, December 31,
2014 2013
ASSETS
Current assets:
Cash and cash equivalents $ 6,672 $ 6,422
Accounts, notes and other receivables 8,081 7,929
Inventories 4,407 4,293
Deferred income taxes 840 849
Investments and other current assets 1,531 1,671
Total current assets 21,531 21,164
Investments and long-term receivables 465 393
Property, plant and equipment - net 5,284 5,278
Goodwill 13,028 13,046
Other intangible assets - net 2,445 2,514
Insurance recoveries for asbestos related liabilities 584 595
Deferred income taxes 217 368
Other assets 2,223 2,077
Total assets $ 45,777 $ 45,435
LIABILITIES AND SHAREOWNERS' EQUITY
Current liabilities:
Accounts payable $ 5,133 $ 5,174
Short-term borrowings 88 97
Commercial paper 2,399 1,299
Current maturities of long-term debt 65 632
Accrued liabilities 6,668 6,979
Total current liabilities 14,353 14,181
Long-term debt 6,804 6,801
Deferred income taxes 757 804
Postretirement benefit obligations other than pensions 998 1,019
Asbestos related liabilities 1,156 1,150
Other liabilities 3,490 3,734
Redeemable noncontrolling interest 176 167
Shareowners' equity 18,043 17,579
Total liabilities, redeemable noncontrolling
interest and shareowners' equity $ 45,777 $ 45,435
Honeywell International Inc.
Consolidated Statement of Cash Flows (Unaudited)
(Dollars in millions)
Three Months Ended
March 31,
2014 2013
Cash flows from operating activities:
Net income $ 1,036 $ 969
Less: Net income attributable to the noncontrolling
interest 19 3
Net income attributable to Honeywell 1,017 966
Adjustments to reconcile net income attributable to
Honeywell to net cash provided by operating activities:
Depreciation and amortization 238 248
Gain on sale of available for sale investments (105) -
Repositioning and other charges 214 128
Net payments for repositioning and other charges (125) (98)
Pension and other postretirement (income) expense (49) 1
Pension and other postretirement benefit payments (36) (171)
Stock compensation expense 52 54
Deferred income taxes 2 27
Excess tax benefits from share based payment
arrangements (30) (24)
Other (24) (33)
Changes in assets and liabilities, net of the effects
of acquisitions and divestitures:
Accounts, notes and other receivables (154) (142)
Inventories (115) (51)
Other current assets 236 18
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