Honeywell Intl 1st Quarter Results -4-
April 17 2014 - 8:34AM
UK Regulatory
Gain on sale of available for sale investments $ 105
Taxes at 26.5% 28
After tax gain on sale of available for sale investments $ 77
EPS impact of gain on sale of available for sale investments(1) $ 0.10
(1) Utilizes weighted average shares of 796.4 million.
Honeywell International Inc.
Reconciliation of Cash Provided by Operating Activities to
Free Cash Flow (Unaudited)
(Dollars in millions)
Twelve Months Ended
December 31,
2013
Cash provided by operating activities $ 4,335
Expenditures for property, plant and equipment (947)
Free cash flow $ 3,388
We define free cash flow as cash provided by operating activities less cash
expenditures for property, plant and equipment.
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.
Previously, we defined 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.
Honeywell International Inc.
Reconciliation of Cash Provided by Operating Activities to
Free Cash Flow (Unaudited)
(Dollars in millions)
Twelve Months Ended
December 31,
2013
Cash provided by operating activities $ 4,335
Expenditures for property, plant and equipment (947)
$ 3,388
Cash pension contributions 156
NARCO Trust establishment payments 164
Cash taxes relating to the sale of available for sale
investments 100
Free cash flow $ 3,808
Honeywell International Inc.
Reconciliation of Earnings Per Share to Earnings Per Share,
Excluding Pension Mark-to-Market Adjustment
(Unaudited)
Twelve Months Ended
December 31,
2013
EPS $ 4.92
Pension mark-to-market adjustment 0.05
EPS, excluding pension mark-to-market adjustment $ 4.97
We believe EPS, excluding pension mark-to-market adjustment is a measure that
is useful to investors and management in understanding our ongoing operations
and in analysis of ongoing operating trends.
EPS utilizes weighted average shares outstanding - assuming dilution of 797.3
million. Mark-to-market uses a blended tax rate of 25.5%.
Honeywell International Inc.
Defense and Space Sales (Unaudited)
(Dollars in millions)
Three Months Ended
March 31,
2014 2013
Defense and Space Sales $ 1,092 $ 1,192
Contacts:
Media Investor Relations
Robert C. Ferris Elena Doom
(973) 455-3388 (973) 455-2222
rob.ferris@honeywell.com elena.doom@honeywell.com
SOURCE Honeywell
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