HONEYWELL PLANS COST-CUTTING MANEUVERS, LAYOFFS
MORRIS TOWNSHIP, N.J.
Honeywell Intl. Inc. announces that it expects second-quarter earnings per share (EPS) to be 75 cents, up 14 percent compared to 1999 second-quarter EPS of 66 cents (excluding one-time items in both periods). However, the manufacturing giant plans to eliminate underperforming units, cut another 5 percent of its roughly 120,000 workers and take a charge of $75 million to $100 million. “We are implementing a series of aggressive cost-cutting initiatives across the company to address the shortfalls in our business performance,” says Honeywell Chairman and CEO Michael R. Bonsignore. “With these actions, we expect earnings-per-share growth in 2001 to range from 10 percent to 15 percent. Despite the shortfalls some businesses are experiencing, Honeywell is a strong, fundamentally sound company.”
The company has adjusted its full-year EPS estimate to $3 to $3.05 (up 12 percent to 14 percent from 1999), with full-year sales expected to grow by 8 percent to 10 percent. Honeywell is a $24 billion diversified technology and manufacturing firm employing approximately 120,000 people in 95 countries.
Recommended For You
Cloud security can present a paradox: companies love the flexibility and versatility of cloud security management, but are unsure if the cloud itself is secure enough to house their vitally important systems.
From processing power to lens selection to proper positioning, here are 13 tips to help shed light on proper installation of cameras in low-light conditions.