Honeywell Intl Half-yearly Report -4-
July 18 2014 - 8:34AM
UK Regulatory
2013
Segment Profit $ 6,351
Stock compensation expense (A) (170)
Repositioning and other (A, B) (699)
Pension ongoing income (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 billions)
2014 Guidance
Segment Profit $6.7 - 6.9
Stock compensation expense (A) (0.2)
Repositioning and other (A, B) (0.6)
Pension ongoing income (A) 0.2
Pension mark-to-market adjustment (A) TBD
Other postretirement expense (A) (0.1)
Operating Income $6.1 - 6.3
Pension mark-to-market adjustment (A) TBD
Operating Income excluding pension mark-to-market adjustment $6.1 - 6.3
Segment Profit $6.7 - 6.9
÷ Sales $40.2 - 40.4
Segment Profit Margin % 16.8% - 17.0%
Operating Income $6.1 - 6.3
÷ Sales $40.2 - 40.4
Operating Income Margin % 15.4% - 15.6%
Operating Income excluding pension mark-to-market adjustment $6.1 - 6.3
÷ Sales $40.2 - 40.4
Operating Income Margin excluding pension mark-to-market adjustment % 15.4% - 15.6%
(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
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
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.
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%.
SOURCE Honeywell
END
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