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Honeywell

April 20, 2007: Honeywell (NYSE: HON - News) announced its first quarter 2007 sales increased 11% to $8.0 billion from $7.2 billion in 2006, driven by 9% organic sales growth. Earnings were up 27% to $0.66 per share, versus $0.52 per share in the prior year. Cash flow from operations was increased to $578 million of which $458 are free cash flow (cash flow from operations less capital expenditures). Honeywell expects its free cash flow to increase by additional $100 million. The company repurchased more than 25 million shares of stock in the quarter, reducing its average fully diluted share count to 802 million shares. The company increased its sales guidance by $700 million to $33.5 billion, and its earnings per share range by 15 cents to $3.00 - 3.10.

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Aerospace segments sales increased in the first quarter by 8%, compared with the first quarter of 2006, of which 9% growth was recorded in the Commercial sector and 6% in Defense and Space sales. The growth was recorded in both new production and aftermarket sales.

Sales growth was high enough to more than offset the negative impact from inflation and contributed to 0.9% improvement in margins. Among the notable orders acquired in the past quarter is a U.S. Army contract to refurbish medium-sized tactical vehicles in Kuwait (including five and eight ton tankers, cargo vehicles and wreckers) as part of the Theater Provided Equipment Refurbishment program. The program is expected to generate sales of up to $125 million over four years. The company's Military Airborne Collision Avoidance System – Formation Rendezvous (MILACAS-FR) has been certified by the FAA for use on all military aircraft. The company is currently producing 180 MILACAS-FR systems for Boeing's entire C-17 fleet under a contract valued at $20 million.


 


 

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