Honeywell Reports 14% Increase in 2nd Quarter Earnings
MORRIS TOWNSHIP, N.J.
Honeywell, parent company of Honeywell Security, reports a
14-percent increase in its 2004 second quarter compared to
the same period last year. Profits were up in all of
Honeywell’s four business units, including Automation and
Control Solutions (ACS) where the company’s fire and
security companies reside.
For the quarter ended June 30, Honeywell had net earnings
of $656 million, compared to $573 million in the second
quarter of 2003. ACS recorded a $402 million profit in the
first six months of 2004 compared to $384 million during
the same period last year.
“Product growth was driven by new product introductions and
a high demand for sensors,” Honeywell CFO Dave Anderson
said during a conference call with investors and the media,
adding that Honeywell still plans more than 20 new product
introductions in the ACS business before the end of the
year.
Honeywell has made three security company acquisitions in
the past three months, including just this week the HREF=t_ci_newsView.cfm?nid=1760>acquisition of system
integrator and developer Vindicator Technologies.
“We’re continuing to invest in future growth and we’re
starting to see nice benefits from it,” Honeywell Chairman
and CEO Dave Cote said during the conference call.
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