Honeywell International Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Earnings Guidance for the First Quarter and Full Year of 2014
January 24, 2014 at 05:30 pm IST
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Honeywell International Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported net sales of $10,387 million against $9,581 million a year ago. Income before taxes was $1,439 million against $306 million a year ago. Net income attributable to the company was $947 million or $1.19 per diluted share against $251 million or $0.32 per diluted share a year ago. Net cash provided by operating activities was $1,668 million against $1,349 million a year ago. Expenditures for property, plant and equipment was $400 million against $298 million a year ago.
For the full year, the company reported net sales of $39,055 million against $37,665 million a year ago. Income before taxes was $5,412 million against $3,875 million a year ago. Net income attributable to the company was $3,924 million or $4.92 per diluted share against $2,926 million or $3.69 per diluted share a year ago. Net cash provided by operating activities was $4,335 million against $3,517 million a year ago. Expenditures for property, plant and equipment was $947 million against $884 million a year ago.
For the full year 2014, the company expected sales will be in the range of $40.3 billion-$39.5 billion, operating income margin will be in the range of 15.2% - 15.5%, earnings per share guidance in the range of $5.35 - $5.55 and free cash flow will be in the range of $3.8 billion-$4.0 billion. The company confirmed its 2014 financial targets, which include 8% to 10% growth in earnings per share and a 3% to 4% increase in sales.
The company forecast first quarter earnings in a range of $1.23 to $1.27 per share.
Honeywell International Inc. specializes in the manufacturing and marketing of industrial equipment. The group also offers maintenance, technical assistance and engineering services. Net sales break down by family of products as follows:
- aeronautical equipment (37.2%): engines, navigation hardware and software, propulsion and communication systems, satellite and space components, lighting equipment, wheels, etc. The group also offers turbochargers for motor vehicles;
- performance materials and technologies (31.4%): polymers, fibers, resins, acids, additives, catalysts, sorbents, semiconductor packaging materials, coating materials, etc.;
- building automation and control systems (16.4%): heating and ventilation control systems, fire alarms, thermostats, monitoring systems, etc.;
- security and productivity optimization solutions (15%): personal safety equipment, warning systems, gas detection systems, data collection and thermal printing computer solutions, warehouse and supply chain automation systems, data and production process management solutions, etc.
Net sales are distributed geographically as follows: the United States (57%), Europe (22%) and other (21%).
Honeywell International Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Earnings Guidance for the First Quarter and Full Year of 2014