Honeywell Reports Full-Year Sales Up 4% To $39.1 Billion; Proforma Earnings Per Share Up 11% To $4.97 Per Share; Reported Earnings Per Share Of $4.92
January 24, 2014
Honeywell announced its earnings for the fourth quarter and full year 2013 today. Full-year sales were up 4 % to 39.1 billion and proforma earnings per share (EPS) rose 11% to $4.97. In the fourth quarter of 2013, Honeywell achieved 5% in organic sales growth with proforma EPS up 13% to $1.24.
The company reaffirmed its 2014 proforma EPS guidance of $5.35-$5.55, an increase of 8-12% over 2013.
“Honeywell had a very strong fourth quarter, capping off a terrific year across the board with record sales, margins, and earnings,” said Honeywell Chairman and CEO Dave Cote. “Even in a continued slow-growth environment, our 2013 sales grew 4% and proforma earnings were up 11%, above our guidance, exiting the year with better than expected sales in every business. We generated strong margin expansion driven by excellent execution, with benefits from continued traction on our key process and productivity initiatives across the portfolio. We sustained our ‘seed planting’ investments for the future including innovating new products and technologies, and expanding geographically. We’ve also proactively funded new repositioning projects by smartly redeploying non-operating gains. Our short-cycle businesses accelerated as we ended the year and our long-cycle order backlog stood at an impressive $15.5 billion. While we think it’s prudent to remain cautious on the global economy at this time, we’re increasingly confident in our 2014 outlook based on the momentum from the fourth quarter. And, the benefits from smart gain deployment actions position the Company for strong earnings growth and outperformance over the next 5 years.”