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Honeywell Delivers $1.71 Earnings Per Share, Up 10 Percent

- Normalized for Tax, Earnings Per Share of $1.66, Up 11 Percent Excluding Divestitures, Exceeds High End of Guidance Range

MORRIS PLAINS, N.J., April 21, 2017 /PRNewswire/ -- Honeywell (NYSE: HON) today announced financial results for the first quarter of 2017 and updated its full-year 2017 earnings guidance.

"Honeywell reported a strong start to 2017, with over 2 percent organic sales growth, 70 basis points of segment margin expansion, and free cash flow of nearly $800 million that was more than six times greater than 2016. Our strong operational performance resulted in reported earnings per share of $1.71. Normalizing for tax, earnings per share was $1.66, or 2 cents above the high-end of our first-quarter guidance and up 11 percent versus last year, excluding divestitures," said Darius Adamczyk, President and Chief Executive Officer of Honeywell.

"Each of our businesses contributed," Adamczyk said. "The commercial aftermarket within Aerospace and the global distribution business within Home and Building Technologies remained strong. In Performance Materials and Technologies, robust demand for Solstice® low-global-warming products drove double-digit organic growth in Advanced Materials, and improving conditions in the oil and gas industry bolstered ongoing strength in UOP. In Safety and Productivity Solutions, demand for warehouse solutions and industrial safety products enabled growth in the quarter."

Adamczyk concluded, "Our diversified portfolio, coupled with the investments we've made over the past several years, drove our excellent performance in the first quarter. As a result of our performance, we are raising the low end of our full-year guidance by 5 cents. We now anticipate that 2017 earnings per share will be $6.90 to $7.10, up 7 percent to 10 percent, excluding divestitures, any pension mark-to-market adjustments, and 2016 debt refinancing charges. We look forward to continuing our track record of performance and we remain focused on accelerating our organic growth, continuing to expand margins by maintaining our productivity rigor, delivering best-in-class returns as the leading software-industrial company, and more aggressively deploying capital."

Honeywell will discuss the results during its investor conference call today starting at 9:30 a.m. Eastern Daylight Time.

First Quarter Performance
Honeywell sales for the first quarter were flat on a reported basis and up over 2 percent on an organic basis. The difference between reported and organic sales is due to the impact of foreign currency translation, the 2016 spin-off of the former Resins and Chemicals business in Performance Materials and Technologies, and the 2016 divestiture of the Aerospace government services business, partially offset by acquisitions, primarily Intelligrated in Safety and Productivity Solutions. The first-quarter financial results can be found in Tables 1 and 2 below.

Aerospace sales for the first quarter were flat on an organic basis driven by growth in the Air Transport aftermarket and gas turbo penetration in Europe and China, offset by lower OE volumes in Business and General Aviation. Overall, Defense and Space sales were flat on an organic basis in the quarter. Segment margin expanded 90 bps to 22.4 percent, driven by restructuring benefits, productivity net of inflation, and commercial excellence, partially offset by lower Business and General Aviation volumes.

Home and Building Technologies sales for the first quarter were up 3 percent on an organic basis driven by strong performance in Distribution, air and water products growth in China, and the impact of new product introductions. Segment margin expanded 70 bps to 15.2 percent, driven by restructuring benefits and productivity net of inflation, partially offset by growth investments.

Performance Materials and Technologies sales for the first quarter were up 5 percent on an organic basis driven by a continued increase in Solstice® sales in Advanced Materials and strong modular gas processing growth in UOP. Segment margin expanded 260 bps to 22.8 percent, driven by productivity net of inflation, commercial excellence, and higher sales volume.

Safety and Productivity Solutions sales for the first quarter were up 3 percent on an organic basis as a result of higher volumes in safety products and workflow solutions. Segment margin improved 50 bps to 14.7 percent, primarily driven by restructuring benefits and productivity, net of inflation, partially offset by acquisition amortization and integration costs. Excluding the impact of acquisitions, segment margin expanded by more than 300 bps.

To participate in today's conference call, please dial (888) 349-9618 (domestic) or (719) 325-2385 (international) approximately ten minutes before the 9:30 a.m. EDT start. Please mention to the operator that you are dialing in for Honeywell's first quarter 2017 earnings call or provide the conference code HON1Q17. The live webcast of the investor call as well as related presentation materials will be available through the "Investor Relations" section of the company's Website (www.honeywell.com/investor). Investors can hear a replay of the conference call from 1:30 p.m. EDT, April 21, until 1:30 p.m. EDT, April 28, by dialing (888) 203-1112 (domestic) or (719) 457-0820 (international). The access code is 7717044.


TABLE 1: SUMMARY OF FINANCIAL RESULTS – TOTAL HONEYWELL


1Q 2016

1Q 2017

Change

Sales

9,522

9,492

~Flat

Organic



2%

Segment Margin

18.1%

18.8%

70 bps

Operating Income Margin

17.8%

18.8%

100 bps

Earnings Per Share




Reported

$1.56

$1.71

10%

Ex-Divestitures, Normalized for Expected Full-Year Tax Rate of 25%

$1.50

$1.66

11%

Cash Flow From Operations

319

940

195%

Free Cash Flow1

125

772

518%





 

TABLE 2: SUMMARY OF FINANCIAL RESULTS – SEGMENTS









AEROSPACE

1Q 2016

1Q 2017

Change

Sales

3,705

3,546

(4%)

Segment Profit

798

796

~Flat

Segment Margin

21.5%

22.4%

90 bps









HOME AND BUILDING TECHNOLOGIES




Sales

2,477

2,553

3%

Segment Profit

360

389

8%

Segment Margin

14.5%

15.2%

70 bps









PERFORMANCE MATERIALS AND TECHNOLOGIES




Sales

2,281

2,069

(9%)

Segment Profit

461

471

2%

Segment Margin

20.2%

22.8%

260 bps













SAFETY AND PRODUCTIVITY SOLUTIONS




Sales

1,059

1,324

25%

Segment Profit

150

194

29%

Segment Margin

14.2%

14.7%

50 bps

Ex-M&A



330 bps









 

Honeywell (www.honeywell.com) is a Fortune 100 software-industrial company that delivers industry specific solutions that include aerospace and automotive products and services; control technologies for buildings, homes, and industry; and performance materials globally. Our technologies help everything from aircraft, cars, homes and buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable.  For more news and information on Honeywell, please visit www.honeywell.com/newsroom.

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. 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.

______________________________
1 Cash Flow From Operations Less Capital Expenditures

 

Contacts:




Media

Investor Relations

Robert C. Ferris

Mark Macaluso 

(973) 455-3388

(973) 455-2222

[email protected]

[email protected]

 

 

Honeywell International Inc

Consolidated Statement of Operations (Unaudited)

(Dollars in millions, except per share amounts)








Three Months Ended



March 31,



2017


2016






Product sales

$        7,540


$    7,619

Service sales

1,952


1,903

Net sales

9,492


9,522






Costs, expenses and other




    Cost of products sold  (A)

5,237


5,349

    Cost of services sold  (A)

1,119


1,198



6,356


6,547

    Selling, general and administrative expenses (A)

1,349


1,280

    Other (income) expense

(12)


(18)

    Interest and other financial charges

75


85



7,768


7,894






Income before taxes

1,724


1,628

Tax expense

392


402






Net income

1,332


1,226






Less: Net income attributable to the noncontrolling interest

6


10






Net income attributable to Honeywell

$        1,326


$    1,216






Earnings per share of common stock - basic

$          1.74


$      1.58






Earnings per share of common stock - assuming dilution

$          1.71


$      1.56






Weighted average number of shares outstanding - basic

763.1


767.9






Weighted average number of shares outstanding - assuming dilution

773.9


779.6






(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




March 31,


Net Sales

2017


2016








Aerospace

$        3,546


$        3,705








Home and Building Technologies

2,553


2,477








Performance Materials and Technologies

2,069


2,281








Safety and Productivity Solutions

1,324


1,059








     Total

$        9,492


$        9,522








Reconciliation of Segment Profit to Income Before Taxes









Three Months Ended




March 31,


Segment Profit

2017


2016








Aerospace

$           796


$           798








Home and Building Technologies

389


360








Performance Materials and Technologies                  

471


461








Safety and Productivity Solutions

194


150








Corporate

(61)


(49)








     Total segment profit

1,789


1,720








Other income (expense) (A)

6


12


Interest and other financial charges

(75)


(85)


Stock compensation expense (B)

(50)


(53)


Pension ongoing income (B)

179


150


Other postretirement income (B)

4


9


Repositioning and other charges (B)

(129)


(125)








Income before taxes

$        1,724


$        1,628








(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)










March 31,


December 31,




2017


2016

ASSETS





Current assets:





    Cash and cash equivalents


$        7,710


$        7,843

    Short-term investments


1,885


1,520

    Accounts receivable - net


8,155


8,177

    Inventories


4,652


4,366

    Other current assets


1,178


1,152


      Total current assets


23,580


23,058







Investments and long-term receivables


533


587

Property, plant and equipment - net


5,816


5,793

Goodwill


17,827


17,707

Other intangible assets - net


4,592


4,634

Insurance recoveries for asbestos related liabilities


407


417

Deferred income taxes


337


347

Other assets


1,687


1,603








      Total assets


$     54,779


$     54,146







LIABILITIES AND SHAREOWNERS' EQUITY





Current liabilities:





    Accounts payable


$        5,805


$        5,690

    Commercial paper and other short-term borrowings


3,415


3,366

    Current maturities of long-term debt


1,271


227

    Accrued liabilities


6,790


7,048


      Total current liabilities


17,281


16,331







Long-term debt


11,181


12,182

Deferred income taxes


414


486

Postretirement benefit obligations other than pensions


546


473

Asbestos related liabilities


1,002


1,014

Other liabilities


3,877


4,110

Redeemable noncontrolling interest


3


3

Shareowners' equity


20,475


19,547








      Total liabilities, redeemable noncontrolling interest and shareowners' equity


$     54,779


$     54,146

 

 

Honeywell International Inc

 Consolidated Statement of Cash Flows (Unaudited)

(Dollars in millions)








Three Months Ended



March 31,



2017


2016

Cash flows from operating activities:





    Net income


$   1,332


$   1,226

    Less: Net income attributable to the noncontrolling interest


6


10

    Net income attributable to Honeywell


1,326


1,216

    Adjustments to reconcile net income attributable to Honeywell to net





    cash provided by operating activities:





        Depreciation


170


179

        Amortization


101


74

        Repositioning and other charges


129


125

        Net payments for repositioning and other charges


(137)


(134)

        Pension and other postretirement income


(183)


(159)

        Pension and other postretirement benefit payments


(24)


(38)

        Stock compensation expense


50


53

        Deferred income taxes


(42)


48

        Other


14


88

        Changes in assets and liabilities, net of the effects of





        acquisitions and divestitures:





           Accounts receivable


23


(208)

           Inventories


(286)


(241)

           Other current assets


(25)


(54)

           Accounts payable


115


(113)

           Accrued liabilities


(291)


(517)

Net cash provided by operating activities


940


319






Cash flows from investing activities:





    Expenditures for property, plant and equipment


(168)


(194)

    Proceeds from disposals of property, plant and equipment


24


1

    Increase in investments


(1,256)


(836)

    Decrease in investments


825


880

    Cash paid for acquisitions, net of cash acquired


-


(1,056)

    Other


(29)


9

Net cash used for investing activities


(604)


(1,196)






Cash flows from financing activities:





    Proceeds from issuance of commercial paper and other short-term borrowings


2,468


6,300

    Payments of commercial paper and other short-term borrowings


(2,467)


(8,750)

    Proceeds from issuance of common stock


221


105

    Proceeds from issuance of long-term debt


11


4,448

    Payments of long-term debt


(5)


(419)

    Repurchases of common stock


(310)


(1,156)

    Cash dividends paid


(503)


(499)

    Payments to purchase the noncontrolling interest


-


(238)

    Other


(33)


(14)

Net cash used for financing activities


(618)


(223)






Effect of foreign exchange rate changes on cash and cash equivalents


149


118

Net decrease in cash and cash equivalents


(133)


(982)

Cash and cash equivalents at beginning of period


7,843


5,455

Cash and cash equivalents at end of period


$   7,710


$   4,473

 

 

Honeywell International Inc
Reconciliation of Cash Provided by Operating Activities to Free Cash Flow (Unaudited)
(Dollars in millions)








Three Months Ended


March 31,


2017


2016







Cash provided by operating activities

$

940


$

319

Expenditures for property, plant and equipment                                                     


(168)



(194)

Free cash flow

$

772


$

125







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, 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 Segment Profit to Operating Income and Calculation of Segment Profit and Operating Income Margins (Unaudited)

(Dollars in millions)







Three Months Ended


March 31,



2017


2016






Segment Profit


$       1,789


$      1,720






Stock compensation expense (A)                                                         


(50)


(53)

Repositioning and other (A, B)


(135)


(131)

Pension ongoing income (A)


179


150

Other postretirement income (A)


4


9

Operating Income


$       1,787


$      1,695






Segment Profit


$       1,789


$      1,720

÷ Sales


9,492


9,522

Segment Profit Margin %


18.8%


18.1%






Operating Income


$       1,787


$      1,695

÷ Sales


9,492


9,522

Operating Income Margin %


18.8%


17.8%











(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

Calculation of Segment Profit Margin Excluding Mergers and Acquisitions (Unaudited)

(Dollars in millions)








 Three Months Ended


March 31,



2017


2016


Safety and Productivity Solutions






Segment Profit excluding mergers and acquisitions


$          190


$          149


÷ Sales excluding mergers and acquisitions


$       1,080


$       1,041


Segment Profit Margin excluding mergers and acquisitions %


17.6%


14.3%








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 Organic Sales % Change (Unaudited)






 Three Months Ended


March 31,



2017


Honeywell




Reported sales % change


-


Less: Foreign currency translation


(1)%


Less: Acquisitions and divestitures, net


(1)%


Organic sales % change


2%






Aerospace




Reported sales % change


(4)%


Less: Foreign currency translation


(1)%


Less: Acquisitions and divestitures, net


(3)%


Organic sales % change


-






Home and Building Technologies




Reported sales % change


3%


Less: Foreign currency translation


(2)%


Less: Acquisitions and divestitures, net


2%


Organic sales % change


3%






Performance Materials and Technologies




Reported sales % change


(9)%


Less: Foreign currency translation


(1)%


Less: Acquisitions and divestitures, net


(13)%


Organic sales % change


5%






Safety and Productivity Solutions




Reported sales % change


25%


Less: Foreign currency translation


(1)%


Less: Acquisitions and divestitures, net


23%


Organic sales % change


3%






We believe organic sales growth is a measure that is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.


 

 

Honeywell International Inc

Calculation of Earnings Per Share at 25% Tax Rate Excluding 2016 Divestitures (Unaudited)

(Dollars in millions, except per share amounts)









Three Months Ended




March 31,




2017


2016








Income before taxes


$     1,724


$     1,628








Taxes at 25%


431


407








Net income at 25% tax rate


$     1,293


$     1,221








Less: Net income attributable to the noncontrolling interest


6


10








Net income attributable to Honeywell at 25% tax rate


$     1,287


$     1,211








Weighted average number of shares outstanding - assuming dilution


773.9


779.6








Earnings per share at 25% tax rate


$       1.66


$       1.55


Earnings per share impact attributable to 2016 divestitures (1)


-


0.05


Earnings per share of common stock - assuming dilution, at 25% tax rate,






excluding 2016 divestitures


$       1.66


$       1.50








Earnings per share of common stock - assuming dilution


$       1.71


$       1.56


Earnings per share impact of normalizing to 25% tax rate


0.05


0.01


Earnings per share impact attributable to 2016 divestitures (1)


-


0.05


Earnings per share of common stock - assuming dilution, at 25% tax rate,






excluding 2016 divestitures


$       1.66


$       1.50








(1) Earnings per share attributable to 2016 divestitures uses weighted average shares of 779.6 million and a blended tax rate of 36.0% for three months ended March 31, 2016.








We believe earnings per share adjusted to expected 2017 full-year tax rate of approximately 25% is a measure that is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.




 

 

Honeywell International Inc

Reconciliation of Earnings Per Share to Earnings Per Share, Excluding Pension Mark-to-Market Expense, Debt Refinancing Expense and Earnings Attributable to 2016 Divestitures (Unaudited)












Twelve Months Ended




December 31,





2017E (1)




2016 (2)











Earnings per share of common stock - assuming dilution (EPS)



 TBD




$             6.20











Pension mark-to-market expense



 TBD




0.28


Debt refinancing expense



-




0.12











EPS, excluding pension mark-to-market expense and debt refinancing expense



 $6.90 - $7.10




6.60











Earnings attributable to 2016 divestitures



-




(0.14)











EPS, excluding pension mark-to-market expense, debt refinancing expense and









earnings attributable to 2016 divestitures



 $6.90 - $7.10




$             6.46











(1) Utilizes weighted average shares of approximately 774 million and an expected effective tax rate of approximately 25%


(2) Utilizes weighted average shares of 775.3 million.  Pension mark-to-market expense uses a blended tax rate of 21.3%.  Debt
      refinancing expense uses a tax rate of 26.5%.  Earnings attributable to 2016 divestitures use a blended tax rate of 33.9%.












We believe EPS, excluding pension mark-to-market expense, debt refinancing expense and earnings attributable to 2016 divestitures is a measure that is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.  Management cannot reliably predict or estimate, without unreasonable effort, the pension mark-to-market expense as it is dependent on macroeconomic factors, such as interest rates and the return generated on invested pension plan assets.  We therefore do not include an estimate for the pension mark-to-market expense in this reconciliation.  Management is not currently forecasting an impact to earnings per share arising from a debt refinancing or divestiture transaction.  Based on economic and industry conditions, future developments and other relevant factors, these assumptions are subject to change.


 

 

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Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
"The Striim platform is a full end-to-end streaming integration and analytics platform that is middleware that covers a lot of different use cases," explained Steve Wilkes, Founder and CTO at Striim, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.