Honeywell Reports Full-Year Sales Up 3% to $40.3 Billion and EPS (Ex-Pension Mark-to-Market) Up 12% to $5.56
January 23, 2015
Full-year results exceeded guidance with sales up 3% to $40.3 billion, segment profit up 8% and EPS (ex-pension mark-to-market) up 12% to $5.56. This is Honeywell’s fifth consecutive year of double-digit earnings growth.
For the 4th quarter of 2014, organic sales rose 4% and EPS (Ex-Pension Mark-to-Market) was up 15% to $1.43.
The company also reaffirmed its 2015 EPS guidance of $5.95 to $6.15 up 7 to 11% from 2014.
Honeywell Chairman and CEO Dave Cote said, “In the fourth quarter, Honeywell delivered 4% organic sales growth and achieved 15% earnings per share growth (excluding the pension mark-to-market adjustment), exceeding the high end of our guidance range and capping off another year of terrific performance in 2014. “Strong execution in our businesses and continued momentum across the portfolio throughout the year helped us to deliver on our aggressive 2014 sales, margin, and EPS targets. We achieved significant margin expansion in 2014 with benefits from our key process and productivity initiatives, and increased organic growth by continuing to ‘seed plant’ with investments in new products and technologies, high ROI capex, and expansion of our global footprint. Consistent with what we guided in December, we sold the remaining BEAV shares in the fourth quarter and proactively funded Aerospace OEM incentives related to new platform wins. We remain cautious in our planning with regard to the global economy, but are confident that our balanced portfolio mix of short- and long-cycle businesses is well-positioned to deliver on our 2015 commitments that include higher organic sales, continued margin expansion, and double-digit earnings growth. Honeywell’s five year plan is on target and we expect that improving end markets, new product introductions, penetration in high-growth regions, and benefits from our HOS Gold initiative will drive both growth and productivity throughout the company.”
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