Honeywell 2Q 2014 Sales Up 6% To $10.3 Billion; EPS Of $1.38 Per Share
July 18, 2014
Honeywell announced its results for the second quarter of 2014 with sales growth of 6 percent over previous year earnings. Organic sales were up 3% due to strong execution across the portfolio and earnings per share (EPS) up 8 percent to $1.38. The company announced that it is raising its low-end proforma EPS guidance to $5.45 - $5.55 from $5.40 - $5.55.
“Honeywell had another terrific quarter and a very good first half of 2014,” said Honeywell Chairman and CEO Dave Cote. “Strong execution across our businesses and continued momentum across the portfolio helped us to deliver stronger than expected earnings. We saw 6% sales growth and margin expansion in every business as our key growth and productivity initiatives continue to make a difference. Our short-cycle businesses, particularly Energy, Safety and Security and Turbo Technologies, are benefiting from improving end markets, new product introductions, and geographic expansion, while our long-cycle businesses are growing robust backlogs supported by favorable macro trends and strong win rates. Our recently announced closing of the sale of Friction Materials was a significant step in our effort to align the Honeywell portfolio around Great Positions in Good Industries. We believe that our portfolio is well positioned for continued growth. As a result of our first half performance, we are raising the low-end of our 2014 proforma EPS guidance by $0.05 with the expectation of improved organic growth and continued margin expansion in the second half of the year.”