HONEYWELL’S 1999 FINANCIAL RESULTS SHOW EPS SWELLED BY 15% IN WAKE OF PITTWAY PURCHASE

MORRIS TOWNSHIP, N.J.

Honeywell announces it achieved record earnings per share (EPS) of $2.68 in 1999, a 15-percent increase over 1998 EPS of $2.34. Completing its first financial year as a newly merged company, Honeywell’s reported EPS, including gains on sales of its Laminate Systems business and Tyco stock, and merger-related costs, repositioning and other charges, were $1.90. Other highlights of the company’s financial results for the year ended Dec. 31, 1999, include a 21-percent increase in free cash flow to a record $1.7 billion; a 13-percent upswing in operating margin; fourth-quarter EPS of a record 78 cents; and sales of $23.7 billion. Leading the company’s sales performance was strong growth in the aerospace after-market, turbochargers, home and building control products, truck brakes and electronic materials. “1999 was an extraordinary year for the shareholders, customers and employees of the new Honeywell,” says Lawrence A. Bossidy, Honeywell chairman. “In addition to creating a new $24 billion global technology leader, we maintained our course of achieving record year-over-year earnings growth.”

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