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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.
more...
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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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