Honeywell Reports 2009 Full-year Sales of $30.9 Billion

MORRIS TOWNSHIP, N.J., Jan. 29 /PRNewswire-FirstCall/ -- Honeywell (NYSE: HON) today announced full-year 2009 sales of $30.9 billion vs. $36.6 billion in 2008. Earnings per share were $2.85 vs. $3.76 in the prior year. Free cash flow was $3.3 billion (cash flow from operations of $3.9 billion less capital expenditures). Free cash flow conversion (free cash flow divided by net income) was 155% of net income for the full-year.

Fourth quarter sales were $8.1 billion versus $8.7 billion in 2008. Earnings per share were $0.91 versus $0.97 in the prior year fourth quarter. Free cash flow was $1.1 billion and cash flow from operations was $1.3 billion. Fourth quarter free cash flow conversion was 154% of net income.

"Honeywell continues to execute well, as evidenced by our strong fourth quarter finish and record free cash flow generation in 2009," said Honeywell Chairman and Chief Executive Officer Dave Cote. "Despite a challenging year, we delivered on our financial commitments, while continuing to invest in new products, geographic expansion, and key process initiatives. The benefits from these investments give us strong momentum entering 2010. We introduced more than 600 new products last year and expanded our footprint in key emerging regions. While we continue to plan conservatively for 2010, we are encouraged by the improving order trends and stabilization in many of our end markets. Our focus on having great positions in good industries combined with our leading technologies linked to key mega-trends such as energy efficiency, safety, and security will drive growth at Honeywell as the economy recovers."

Honeywell also reaffirmed its previously stated 2010 sales guidance of $31.3-32.2 billion, earnings per share of $2.20-2.40, and free cash flow of $2.4-2.7 billion (cash flow from operations of $3.1-3.4 billion).

Fourth Quarter Segment Highlights

Aerospace

Automation and Control Solutions

Transportation Systems

Specialty Materials

SOURCE Honeywell