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.
Security Is Our Business, Too
For professionals who recommend, buy and install all types of electronic security equipment, a free subscription to Security Sales & Integration is like having a consultant on call. You’ll find an ideal balance of technology and business coverage, with installation tips and techniques for products and updates on how to add sales to your bottom line.
A free subscription to the #1 resource for the residential and commercial security industry will prove to be invaluable. Subscribe today!