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
rob.ferris@honeywell.com elena.doom@honeywell.com
Honeywell International Inc
Consolidated Statement of Operations (Unaudited)
(Dollars in millions, except per share amounts)
Three Months
Ended Six Months Ended
June 30, June 30,
2014 2013 2014 2013
Product sales $ 8,278 $ 7,744 $ 16,123 $ 15,218
Service sales 1,975 1,949 3,809 3,803
Net sales 10,253 9,693 19,932 19,021
Costs, expenses and other
Cost of products sold (A) 6,047 5,750 11,826 11,317
Cost of services sold (A) 1,249 1,277 2,437 2,493
7,296 7,027 14,263 13,810
Selling, general and administrative expenses (A) 1,375 1,281 2,714 2,510
Other (income) expense (21) (24) (138) (52)
Interest and other financial charges 80 80 159 164
8,730 8,364 16,998 16,432
Income before taxes 1,523 1,329 2,934 2,589
Tax expense 397 307 772 598
Net income 1,126 1,022 2,162 1,991
Less: Net income attributable to the
noncontrolling interest 27 1 46 4
Net income attributable to Honeywell $ 1,099 $ 1,021 $ 2,116 $ 1,987
Earnings per share of common stock - basic $ 1.40 $ 1.30 $ 2.70 $ 2.53
Earnings per share of common stock - assuming
dilution $ 1.38 $ 1.28 $ 2.66 $ 2.49
Weighted average number of shares
outstanding-basic 784.5 787.6 784.7 786.7
Weighted average number of shares outstanding -
assuming dilution 795.4 798.1 795.9 797.6
(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 Six Months Ended
June 30, June 30,
Net Sales 2014 2013 2014 2013
Aerospace $ 2,991 $ 2,997 $ 5,849 $ 5,908
Automation and Control Solutions 3,607 3,270 6,969 6,349
Performance Materials and Technologies 2,636 2,479 5,102 4,903
Transportation Systems 1,019 947 2,012 1,861
Total $ 10,253 $ 9,693 $ 19,932 $ 19,021
Reconciliation of Segment Profit to Income Before Taxes
Three Months Ended Six Months Ended
June 30, June 30,
Segment Profit 2014 2013 2014 2013
Aerospace $ 592 $ 583 $ 1,141 $ 1,134
Automation and Control Solutions 533 467 1,004 890
Performance Materials and Technologies 475 438 948 912
Transportation Systems 167 126 321 237
Corporate (58) (55) (109) (106)
Total segment profit 1,709 1,559 3,305 3,067
Other income (expense) (A) 10 13 121 32
Interest and other financial charges (80) (80) (159) (164)
Stock compensation expense (B) (50) (37) (102) (91)
Pension ongoing income (B) 64 25 125 46
Other postretirement income (expense) (B) (13) 20 (25) (2)
Repositioning and other charges (B) (117) (171) (331) (299)
Income before taxes $ 1,523 $ 1,329 $ 2,934 $ 2,589
(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)
June 30, December 31,
2014 2013
ASSETS
Current assets:
Cash and cash equivalents $ 6,582 $ 6,422
Accounts, notes and other receivables 8,350 7,929
Inventories 4,511 4,293
Deferred income taxes 803 849
Investments and other current assets 2,207 1,671
Total current assets 22,453 21,164
Investments and long-term receivables 488 393
Property, plant and equipment - net 5,316 5,278
Goodwill 13,049 13,046
Other intangible assets - net 2,378 2,514
Insurance recoveries for asbestos related liabilities 432 595
Deferred income taxes 176 368
Other assets 2,304 2,077
Total assets $ 46,596 $ 45,435
LIABILITIES AND SHAREOWNERS' EQUITY
Current liabilities:
Accounts payable $ 5,276 $ 5,174
Short-term borrowings 96 97
Commercial paper 2,249 1,299
Current maturities of long-term debt 60 632
Accrued liabilities 6,643 6,979
Total current liabilities 14,324 14,181
Long-term debt 6,839 6,801
Deferred income taxes 795 804
Postretirement benefit obligations other than pensions 978 1,019
Asbestos related liabilities 1,146 1,150
Other liabilities 3,508 3,734
Redeemable noncontrolling interest 189 167
Shareowners' equity 18,817 17,579
Total liabilities, redeemable noncontrolling interest and shareowners' equity $ 46,596 $ 45,435
Honeywell International Inc
Consolidated Statement of Cash Flows (Unaudited)
(Dollars in millions)
Three Months Ended Six Months Ended
June 30, June 30,
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