HONEYWELL’S 1st-QUARTER SALES TOP $6 BILLION, WHILE EARNINGS PER SHARE JUMP TO ALL-TIME HIGH OF 63 C
MORRIS TOWNSHIP, N.J
Honeywell announces that sales in the first quarter of 2000 were a record $6.04 billion, up 8 percent compared to the same period in 1999. In addition, first-quarter earnings per share were a record 63 cents, a 15-percent increase over 1999 first-quarter earnings per share of 55 cents. Operating margin expanded to 13.8 percent from 12.4 percent, while free cash flow before dividends grew 56 percent to a record $265 million. The acquisition of Pittway Corp. by Honeywell’s Home & Building Control business is included in the results of the quarter.
“The majority of our businesses experienced solid top-line growth this quarter. And our strong focus on productivity improvements—through Sigma Plus, aggressive cost reductions and Web-enabled processes—helped expand margins and earnings,” says Michael R. Bonsignore, chairman and CEO of Honeywell. “We are delighted by the way our employees are working together to make the new Honeywell a customer-focused powerhouse and a formidable leader in the transformation to a Web-enabled business model.”
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