Honeywell recently announced that its 2010 full-year sales reached US$33.4 billion, an increase of 8% from 2009's US$30.9 billion. Excluding the adverse effects of adjusting the pension by market value, the estimated earnings per share amounted to US$3.00, an increase of 12% from the previous year’s US$2.69. The 2010 report reported earnings per share of $2.59, compared with $2.05 in 2009. Free cash flow (Cash flow generated from operations minus capital expenditures) hit a new high of US$3.6 billion (operational cash flows of US$4.2 billion).
Sales in the fourth quarter of 2010 climbed to $9 billion, a 12% increase from the $8.1 billion in the same period in 2009. Excluding the adverse effects of pension adjustments based on market capitalization, the estimated earnings per share was $0.87, compared with $0.83 in the fourth quarter of the previous year. The fourth quarter reported earnings of $0.47 per share, compared to $0.20 for the same period in 2009. Free cash flow amounted to $700 million (operating cash flow of $1 billion), including $600 million in cash paid to US pension plans in the fourth quarter.
Honeywell announced in a separate statement that it will sell its automotive consumer goods group (CPG) through cash transactions to the private equity investment firm Rank Group, with a transaction value of approximately US$950 million. CPG currently belongs to the Honeywell Transportation Systems Group and its 2010 sales were approximately $1 billion. Honeywell’s guidance on earnings per share in 2011 did not include the expected book income from the sale of CPG. The company plans to use this book income for business transformation and other initiatives. The proceeds of these initiatives and the use proceeds from the sale of assets are expected to compensate for the losses that were made in 2011 and afterwards due to the sale of CPG. The company plans to count the CPG as a discontinued operation after it has been approved by the regulatory authority.
“We are pleased to announce the sale of CPG. CPG is a good business, but it is not in line with our differentiated, global technology portfolio,†said Honeywell Chairman and Chief Executive Officer Goldwell, “We are also very Satisfied with the outstanding results achieved in the fourth quarter of 2010, which marked the end of Honeywell's glorious year. In 2009, the market gradually warmed up, Honeywell up and down with great momentum, sales are growing rapidly, all departments Profit margins and cash flow also hit new highs, and some of our forward-looking planting investments have contributed a lot to our growth and productivity in 2010—helping us to win important customers around the world and building a strong new product storage echelon And promoted the improvement of the company's key processes. As the amount of sales orders seized by various business units of the company increased day by day, and with the improving global economy, we are confident that we can achieve higher revenues and achieve revenue growth of more than 20% in 2011."
Honeywell raised its 2011 earnings guidance guidance from 3.50-3.70 USD per share to 3.60-3.80 USD. Honeywell also confirmed that the previous guidance for 2011 sales is expected to reach US$350-360 billion (excluding the impact of CPG's accounting for termination of operations), and that the free cash flow before the US pension contribution is expected to reach 35 - The guidance of $3.7 billion is unchanged (operational cash flow is $3.3-3.5 billion, including $1 billion in pension contributions).
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