Honeywell's 2008 Results Look Good

Morris Township, N.J.-based Honeywell reported 2008 financial results Friday that included a 6 percent increase in total sales to $36.6 billion and a 19 percent increase in earnings per share (EPS) to $3.76. Fourth quarter 2008 sales fell to $8.7 billion from $9.3 billion the prior year, but EPS rose to 97 cents from 2007's 91 cents, the company said.

The company's Automation and Control Solutions unit includes Honeywell Life Safety, which includes Norcross (North Safety). Sales for ACS rose by 3 percent and profit by 12 percent in 2008’s fourth quarter. Among the segment's highlights listed in Friday's financials release were contracts for Honeywell to design and install building automation, security, and life safety systems in 18 new schools in Alberta, Canada, and a new hospital in Woodstock, Ontario, and to manage the performance and maintenance of the facilities under 30-year contracts.

"Having great positions in good industries combined with strong execution drove Honeywell's performance and growth in a tough 2008 economic environment," said Honeywell Chairman and CEO Dave Cote. "Our key initiatives, including the Honeywell Operating System, Velocity Product Development and Functional Transformation, are working, and we're a much stronger company today because of their ongoing global implementation. In 2008, we were awarded large multi-year contracts and continued to be a strong cash generator. We also made acquisitions to bolster our portfolio, completed meaningful share repurchases, and increased the dividend rate. 2009 will be a more challenging year. However, the actions we've taken over the past several years will benefit us in this economic downturn and have made Honeywell a more efficient, innovative, and productive company. We are well positioned and confident in our ability to outperform in 2009 and over the long term."

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