HONEYWELL POSTS RECORD SALES OF $6.3 BILLION
MORRIS TOWNSHIP, N.J.
Honeywell announces second-quarter earnings per share (EPS) of 75 cents, up 14 percent compared to 1999 second-quarter EPS of 66 cents (excluding one-time items in both periods). Operating margin expanded to a record 15.4 percent, while a 7-percent productivity improvement was driven by aggressive cost-cutting reductions, mergers, portfolio changes and ongoing Six Sigma Plus programs. Sales in the second quarter grew 6 percent to a record $6.3 billion compared to the prior-year period. The Pittway acquisition, aerospace aftermarket, turbochargers, electronic materials, fluorines and sensing and control products led sales growth. Net sales in the Automation & Control segment, which includes Pittway, were $1.88 billion, compared to $1.5 billion in 1999.
Honeywell is a $24 billion diversified technology and manufacturing company, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; power generation systems; specialty chemicals; fibers; plastics; and electronic and advanced materials. The company employs approximately 120,000 people in 95 countries.
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