Honeywell Reports First Quarter Sales of $7.6 Billion; Earnings of $0.54 Per Share

Company Reports First Quarter In-Line; Anticipating Continued Tough Economic Conditions; Targets Full-Year 2009 Earnings of $2.85 - 3.20 Per Share

MORRIS TOWNSHIP, N.J. , April 24 /PRNewswire-FirstCall/ -- Honeywell (NYSE: HON) today announced first quarter 2009 sales of $7.6 billion versus $8.9 billion in 2008. Earnings were $0.54 per share, versus $0.85 per share in the prior year. Cash flow from operations was $341 million versus $721 million in the first quarter of 2008 and free cash flow (cash flow from operations less capital expenditures) was $232 million, compared to $571 million last year.

"Honeywell delivered first quarter results that were in line with our expectations," said Honeywell Chairman and CEO Dave Cote . "While we anticipated a difficult first half of 2009, slow global economic conditions continue and we are adjusting our outlook accordingly."

"The seed planting that we've done over the past several years, combined with the benefits from our global productivity initiatives, are helping in this tough economic environment," concluded Cote. "Honeywell is a stronger and more flexible company today that can perform in both good times and bad. We continue to invest in new technology, geographic expansion, and process improvements, and will emerge from this downturn an even more efficient and productive growth company."

Honeywell expects full-year sales of $32.3 - 33.2 billion, earnings per share of $2.85 - 3.20, and free cash flow conversion greater than 100% of net income.

First Quarter Segment Highlights


Automation and Control Solutions

Transportation Systems

Specialty Materials

Honeywell will discuss its results during its investor conference call today starting at 8:00 a.m. EDT . To participate, please dial (719) 325-4846 a few minutes before the 8:00 a.m. start. Please mention to the operator that you are dialing in for Honeywell's investor conference call. The live webcast of the investor call will be available through the "Investor Relations" section of the company's Website ( Investors can access a replay of the investor call starting at 11:00 a.m. EDT , April 24 , until midnight, May 1 , by dialing (719) 457-0820. The access code is 2142307.

Honeywell International ( is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Based in Morris Township, N.J. , Honeywell's shares are traded on the New York , London , and Chicago Stock Exchanges. For more news and information on Honeywell, please visit

This release contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a 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.

SOURCE Honeywell