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Honeywell Reports First Quarter 2014 Sales of $9.7 Billion & EPS of $1.28 Per Share

Red Hwell LogoHoneywell reported its first quarter 2014 earnings today, announcing organic sales up 3%, excluding Defense & Space, and earnings per share (EPS) up 6% year-over-year.  The company raised its 2014 proforma EPS guidance to $5.40 to $5.55 from $5.35 to $5.55. 

“Honeywell had a good start to the year with strong margin expansion driving better than expected earnings,” said Honeywell Chairman and CEO Dave Cote.  “We saw 3% organic sales growth ex-Defense & Space, with strong execution across each of the businesses driving earnings above the high-end of our guidance.  We remain cautiously optimistic on the macro environment, even with some nice momentum exiting the quarter in our short-cycle and long-cycle businesses driving organic sales growth acceleration as we progress through the year. As a result of the first quarter performance and overall favorable outlook for our key end markets, we’re raising the low-end of our 2014 Proforma EPS outlook by $0.05 and our new guidance range is $5.40-$5.55. We are also increasing our cash flow forecast for the year given the strong first quarter working capital performance.  We remain confident in our outlook and intend to perform better than our peers driven by our diversity of opportunity, relentless seed planting in new products and technologies, continued penetration of High Growth Regions (HGRs), and growing traction on key process initiatives.  We’ve also proactively redeployed non-operating gains and operational earnings to fund smart new repositioning projects benefiting 2015 and beyond.  Our recently announced organizational changes demonstrate the strength of our organization, add further evidence to the effectiveness of the Honeywell operating model, and reaffirm our belief that the best is yet to come for Honeywell.”

Read the full press release.

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Honeywell CEO Honored by Horatio Alger Association; Gives Two Important Pieces of Advice

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Horatio Alger Association of Distinguished Americans, Inc., a nonprofit educational organization honoring the achievements of outstanding individuals and encouraging youth to pursue their dreams through higher education, inducted Honeywell Chairman and CEO Dave Cote into its organization at a ceremony on Friday, April 4 in Washington D.C.

During his acceptance speech, Cote gave advice to the audience, which included more than 50 scholarship recipients.

“To all of our scholars, in addition to congratulations, I’d offer two pieces of advice,” Cote explained. “The first, concerns my less than stellar college career when after my junior year I quit college for the second time to buy a fishing boat in Maine with a friend. While fun, it was financially unrewarding and I’ve been asked many times what my biggest learning was. That learning was that hard work does not always pay off. If you’re working on the wrong thing, it really doesn’t matter how hard you work. Make sure you’re working at all times on the right thing.”

“The second is to recognize success generally requires more than just being smart. Smart people get beaten every day by others who work harder, have a better attitude or values, are more ambitious, have more common sense, can focus better on what’s important or have better interpersonal skills. Pull that whole package together to the best of your ability and you also will learn that there’s no better country in the world to realize your dreams.”

To learn more about the Horatio Alger Association, click here.

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Honeywell Brings Nobel Laureate Claude Cohen-Tannoudji To India

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Honeywell introduced Professor Claude Cohen-Tannoudji, Nobel laureate in physics, to the students and faculty of Vellore Institute of Technology (VIT), India, as part of its global Honeywell Initiative for Science & Engineering.

Cohen-Tannoudji was awarded the 1997 Nobel Prize in physics for the development of methods to cool and trap atoms with laser light to near Absolute Zero, which has given rise to a number of recent developments in this field. He spoke to the audience about the importance of remaining curious and explained how his discovery has impacted the world.

“One interesting development concerns ultra-precise atomic clocks using cold atoms, with errors less than one second in one billion years,” said Cohen-Tannoudji. “These atomic clocks allow one to perform more refined tests to improve international time distribution services, to control the wave frequency of television broadcasts, and to be more precise in global navigation satellite systems such as GPS.”

Click here to learn more about the event.

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Honeywell’s UOP Technology Support Mistral Midstream’s Natural Gas Production In Canada

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Mistral Midstream Inc., a privately-held company that builds, owns and operates energy infrastructure, has selected Honeywell’s UOP Russell modular equipment to recover valuable natural gas liquids from natural gas produced in southern Saskatchewan, Canada.

The UOP Russell modular cryogenic equipment (or equipment that operates at very low temperatures) will process 60 million standard cubic feet per day of natural gas and is expected to be in production in late 2014 at Mistral’s site. UOP’s modular design and construction approach allows equipment to enter service up to six months faster than alternative approaches while ensuring superior quality control.

“This project with Mistral showcases UOP’s ability to work in the northern Bakken basin, especially as shale gas, remote gas and distributed gas play a more vital role in the global energy economy,” said Rebecca Liebert, UOP’s senior vice president and general manager for Gas Processing and Hydrogen.

Click here to read more about the project.

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Honda Recognizes Honeywell At Annual Supplier Convention

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At the Annual Honda Supplier Convention, Honeywell Turbo Technologies (HTT) India was recognized for flawless quality and delivery performance of the Honda 1.5L diesel wastegate turbo engine project.

Honda presented HTT India with the prestigious award for Best Support In New Model Development Start-Up. The 1.5L D engine is featured in the highly-acclaimed Honda Amaze as well as the new Honda City.

This award from Honda is a significant accomplishment and signifies the maturity of HTT operations in the region.

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Survey Reveals Room for Improvement on Fire Safety Awareness in Romania

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Twenty-seven percent of urban residents in Romania have ignored a fire alarm in a public place, assuming it was a false alarm or a test. A recent Honeywell survey highlighted important gaps in public safety awareness and behavior in Bucharest and other urban areas.

Nearly 90 percent of survey respondents indicated a voice alarm message that provides clear instructions to leave the building, instead of a fire alarm siren only, would spur them to evacuate the building more rapidly. Advanced Public Address/Voice Alarm (PA/VA) systems can provide effective emergency communications and help make evacuation more efficient by giving clear instructions that people respond to more quickly and naturally than a tone alarm.

Honeywell Life Safety offers a full range of solutions including Public Address/Voice Alarm systems, Fire Detection Systems, and Hazard Management Software, which permits the monitoring of multiple fire systems from a single user interface. The company also collaborates with government agencies, technical experts, and industry associations on fire safety issues, and works with students from Bucharest Technical University of Civil Engineering to provide specialized training on Life Safety technology.

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