Honeywell Reaffirms 2008 Outlook; Issues 2009 Financial Guidance
MORRIS TOWNSHIP, N.J.- Honeywell (NYSE: HON) today reaffirmed its 2008 financial guidance. The company expects sales of approximately $36.6 billion, earnings per share of $3.76-3.80, and free cash flow of $3.2 billion, excluding cash taxes relating to the sale of the Consumable Solutions business (cash flow from operations of $4.0 billion).
In 2009, the company forecasts sales of $33.6-35.3 billion and earnings per share of $3.20-3.55. Cash flow from operations is expected to be $3.9-4.1 billion and free cash flow (cash flow from operations less capital expenditures) is expected to be $3.0-3.2 billion.
“Honeywell expects to finish the year within our guidance range, completing a strong year of growth in a tough environment,” said Honeywell Chairman and Chief Executive Officer Dave Cote. “Overall, 2008 sales will be up 6%, EPS is expected to increase approximately 20%, and free cash flow conversion will be greater than 100% of net income. We won a number of large multi-year contracts, introduced attractive new products, and continued to refine our portfolio with great positions in good industries.”
“Great companies perform well even in tough economic times and we are well positioned to continue to do that again in 2009,” continued Cote. “We expect to derive benefits from the repositioning actions taken over the past several years, as well as from our key initiatives including the Honeywell Operating System, Velocity Product Development, and Functional Transformation. In addition, we will continue to be a strong generator of free cash flow in 2009, which will provide us with ongoing financial flexibility.”
Honeywell will discuss its results during its investor conference call and Webcast starting at 8:00 a.m. EST today. To participate on the conference call, please dial (719) 325-4898 a few minutes before the 8:00 a.m. EST start. Please mention to the operator that you are dialing in for Honeywell’s investor conference call. The live Webcast of the call will be available through the “Investor Relations” section of the company’s Website www.honeywell.com/investor. Investors can access a replay of the conference call from 11:00 a.m. EST, December 15, until midnight, December 22, by dialing (719) 457-0820. The access code is 3885346.
Honeywell International is a $36 billion 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 additional information, please visit www.honeywell.com.
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