HON
$112.45
Honeywell International
($1.22)
(1.07%)
Earnings Details
3rd Quarter September 2016
Friday, October 21, 2016 6:30:00 AM
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Summary

Honeywell International Misses

Honeywell International (HON) reported 3rd Quarter September 2016 earnings of $1.67 per share on revenue of $9.8 billion. The consensus earnings estimate was $1.60 per share on revenue of $10.1 billion. The Earnings Whisper number was $1.68 per share. Revenue grew 2.0% on a year-over-year basis.

The company said it continues to expect 2016 earnings of $6.60 to $6.64 per share on revenue of $39.4 billion to $39.6 billion. The current consensus earnings estimate is $6.60 per share on revenue of $39.63 billion for the year ending December 31, 2016.

Honeywell International Inc is a technology & manufacturing company, serving customers with aerospace products & services, control, sensing and security technologies for buildings, homes and industry, turbochargers, automotive products, chemicals.

Results
Reported Earnings
$1.67
Earnings Whisper
$1.68
Consensus Estimate
$1.60
Reported Revenue
$9.80 Bil
Revenue Estimate
$10.11 Bil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Honeywell Reports Third Quarter 2016 Sales Of $9.8 Billion, Up 2%; Earnings Per Share Of $1.60

Honeywell (HON) today announced its results for the third quarter of 2016:

Total Honeywell

($ Millions, Except Earnings Per Share)
3Q 2015 3Q 2016 Change
Sales
9,611
9,804
2%
Segment Margin
19.3%
17.5%
(180) bps
Operating Income Margin
18.3%
15.6%
(270) bps
Earnings Per Share
$1.60
$1.60
Flat
Earnings Per Share (Excluding $0.07 Deployed to Restructuring)
$1.67
4%
Cash Flow from Operations
1,693
1,554
(8%)
Free Cash Flow2
1,416
1,280
(10%)
__________________________
1 Excludes Impact From Contemplated Q4 Debt Refinancing
2 Cash Flow from Operations Less Capital Expenditures
Throughout this press release, core organic sales growth refers to reported sales growth less the impacts from foreign currency translation, M&A and raw materials pass-through pricing in the Resins & Chemicals business of PMT. The raw materials pricing impact is excluded in instances where raw materials costs are passed through to customers, which drives fluctuations in selling prices not tied to volume growth. A reconciliation of core organic sales growth to reported sales growth is provided in the attached financial tables.

"The third-quarter results came in as we outlined on our October 7 conference call. We are well-positioned for double-digit earnings growth in the fourth quarter, leading to 8%-9% earnings growth in 2016," said Honeywell Chairman and CEO Dave Cote. "It was a quarter of important changes in many areas. We split the former Automation and Control Solutions business into two new reporting segments; closed the acquisition of Intelligrated and sold Honeywell Technology Solutions, Inc.; and spun off our Resins and Chemicals business as a freestanding publicly-traded company named AdvanSix Inc. (ASIX). We also funded approximately $250 million in restructuring and other actions from a $0.07 increase in first- and second-quarter EPS caused by an accounting standard adoption, and the $0.14 gain related to the sale of our government services business. These actions will drive more than $175 million of benefits in 2017 alone. We also intend in the fourth quarter to refinance outstanding debt maturing in 2017-2019, which will lower interest expense by approximately $60 million annually beginning in 2017."

"Combined with our ongoing productivity initiatives driven by the Honeywell Operating System, and the strength of our underlying portfolio, the actions we announced this quarter position Honeywell for future outperformance," continued Cote. "Moving ahead, we are targeting low single-digit core organic sales growth, continued segment margin improvement, and a double-digit increase in EPS in 2017. Darius Adamczyk, Chief Operating Officer, and Tom Szlosek, Chief Financial Officer, will provide more details about 2017 during our annual outlook call in December."

"We are committed to creating sustainable long-term shareowner value," concluded Cote. "We remain focused on disciplined capital deployment, aggressive organic sales growth, seed planting for new products and technologies, penetrating High Growth Regions, and executing on our key process initiatives. 2017 will be an inflection year for several core business units: growing demand for our UOP catalysts and modular equipment, Jetwave(TM) and other products and services tied to connected aircraft, further turbo penetration, and strong sales growth from Solstice? (HFOs), our line of low-global-warming refrigerants and blowing agents. Revenue and earnings from the nearly $8 billion in M&A investments during the past two years should also be a significant contributor to 2017 performance. We are confident in our position and expect to continue to outperform."

The Company’s current 2016 full-year guidance, which reflects our October 6, 2016 announcement, is as follows:

2016 Full-Year Guidance

Current Guidance
Change vs. 2015
Sales
$39.4 - $39.6
2% - 3%
Core Organic Growth
(1%)-(2%)
Segment Margin
18.1%
(70) bps3
Operating Income Margin (Ex-Pension MTM)
17.6%
(30) bps4
Earnings Per Share (Ex-Pension MTM)5
$6.60 - $6.64
8% - 9%
Free Cash Flow6
$4.2 - $4.3B
(2%) - (5%)
__________________________
3 Segment Margin ex-M&A Down
(10) bps
4 Operating Margin ex-M&A Up
30 bps
5 Excludes Impact From Contemplated Q4 Debt Refinancing
6 Cash Flow From Operations Less Capital Expenditures

Segment Performance

Aerospace

($ Millions)
3Q 2015 3Q 2016 % Change
Sales
3,820
3,601
(6%)
Segment Profit 833
663
(20%)
Segment Margin 21.8%
18.4%
(340) bps

Sales for the third quarter were down (6%) on a reported and core organic basis. The decrease was primarily driven by the unfavorable impact of third-quarter OEM incentives, lower volumes in Business and General Aviation, program completions in the U.S. Space and international Defense businesses, and continued weakness in the commercial helicopter business. This was partially offset by increased Air Transport OE deliveries and repair and overhaul activities, and new turbo platform launches on passenger vehicles in Transportation Systems.

Segment profit was down (20%) and segment margin declined (340) bps to 18.4%, due to higher Aerospace OEM incentives and lower volumes in Business Jet and Defense, partially offset by productivity net of inflation and commercial excellence.

Home and Building Technologies

($ Millions)
3Q 2015
3Q 2016
% Change
Sales
2,313
2,701
17%
Segment Profit 408
441
8%
Segment Margin 17.6%
16.3%
(130) bps7
__________________________
7 Segment Profit Down (20) bps Ex-M&A

Sales for the third quarter were up 17% reported and up 5% on a core organic basis. The increase was primarily driven by continued strength in our Distribution and Building Solutions businesses, and Products growth in Environmental & Energy Solutions and in China. The difference between reported and core organic sales was due to the favorable impact from acquisitions, primarily Elster.

Segment profit was up 8% and segment margin declined (130) bps to 16.3%, driven by acquisition amortization and integration costs, continued growth investments in salespeople and research and development, and the unfavorable mix impact of increased sales in Building Solutions and Distribution, partially offset by benefits from previously-funded restructuring, higher sales volumes, and commercial excellence.

Performance Materials and Technologies

($ Millions)
3Q 2015 3Q 2016 % Change
Sales
2,279
2,329
2%
Segment Profit 474
503
6%
Segment Margin 20.8%
21.6%
80 bps

Sales for the third quarter were up 2% reported. Core organic sales were down (3%) primarily driven by declines in UOP gas processing, licensing, and engineering, partially offset by strong catalyst shipments and conversion of global mega projects in Process Solutions. The difference between reported and core organic sales was due to the favorable impact from acquisitions, partially offset by the unfavorable impact of foreign currency and market pricing headwinds in Resins & Chemicals.

Segment profit was up 6% and segment margins expanded 80 bps to 21.6%, driven by productivity net of inflation, higher catalyst volumes, and acquisition integration excellence, partially offset by continued investments for growth.

Safety and Productivity Solutions

($ Millions)
3Q 2015 3Q 2016 % Change
Sales
1,199
1,173
(2%)
Segment Profit 193
172
(11%)
Segment Margin 16.1%
14.7%
(140) bps

Sales for the third quarter were down (2%) reported. Core organic sales were down (8%) in the quarter as a result of lower volume in Productivity Solutions associated with the USPS contract (which was completed in the third quarter of 2015), continued channel headwinds, and lower volumes in our Safety business. The difference between reported and core organic sales was due to the favorable impact from acquisitions, primarily Intelligrated.

Segment profit was down (11%) and segment margin contracted (140) bps to 14.7%, primarily driven by lower volumes and acquisition amortization and integration costs, partially offset by restructuring benefits and commercial excellence.

Honeywell will discuss its results during its investor conference call today starting at 9:30 a.m. EDT. To participate on the conference call, please dial (877) 795-3635 (domestic) or (719) 325-4816 (international) approximately ten minutes before the 9:30 a.m. EDT start. Please mention to the operator that you are dialing in for Honeywell’s third quarter 2016 earnings call or provide the conference code HON3Q16. The live webcast of the investor call as well as related presentation materials will be available through the "Investor Relations" section of the company’s Website (www.honeywell.com/investor). Investors can hear a replay of the conference call from 12:30 p.m. EDT, October 21, until 12:30 p.m. EDT, October 28, by dialing (888) 203-1112 (domestic) or (719) 457-0820 (international). The access code is 7056857.

Honeywell (www.honeywell.com) is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes, and industry; turbochargers; and performance materials. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.

This release contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.

Contacts:

Media
Investor Relations
Robert C. Ferris
Mark Macaluso
(973) 455-3388
(973) 455-2222
rob.ferris@honeywell.com mark.macaluso@honeywell.com
Honeywell International Inc.
Consolidated Statement of Operations (Unaudited)
(Dollars in millions, except per share amounts)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2016
2015
2016
2015
Product sales
$
7,744
$
7,573
$
23,398
$
22,735
Service sales
2,060
2,038
5,919
5,864
Net sales
9,804
9,611
29,317
28,599
Costs, expenses and other
Cost of products sold
(A)
5,594
5,372
16,545
16,126
Cost of services sold
(A)
1,309
1,282
3,726
3,704
6,903
6,654
20,271
19,830
Selling, general and administrative expenses (A)
1,367
1,202
3,976
3,674
Other (income) expense
(180)
(24)
(197)
(64)
Interest and other financial charges
82
72
252
226
8,172
7,904
24,302
23,666
Income before taxes
1,632
1,707
5,015
4,933
Tax expense
384
431
1,214
1,289
Net income
1,248
1,276
3,801
3,644
Less: Net income attributable to the noncontrolling interest
8
12
26
70
Net income attributable to Honeywell
$
1,240
$
1,264
$
3,775
$
3,574
Earnings per share of common stock - basic
$
1.62
$
1.62
$
4.93
$
4.57
Earnings per share of common stock - assuming dilution
$
1.60
$
1.60
$
4.86
$
4.51
Weighted average number of shares outstanding - basic
763.7
780.4
765.0
782.5
Weighted average number of shares outstanding - assuming dilution 774.4
789.5
776.3
792.1
(A) Cost of products and services sold and selling, general and administrative expenses include amounts for repositioning and other charges, pension and other postretirement (income) expense, and stock compensation expense
Honeywell International Inc
Segment Data (Unaudited)
(Dollars in millions)
Three Months Ended
Nine Months Ended
September 30,
September 30,
Net Sales
2016
2015
2016
2015
Aerospace
$
3,601
$
3,820
$
11,085
$
11,254
Home and Building Technologies
2,701
2,313
7,854
6,686
Performance Materials and Technologies
2,329
2,279
7,044
7,137
Safety and Productivity Solutions
1,173
1,199
3,334
3,522
Corporate
-
-
-
-
Total
$
9,804
$
9,611
$
29,317
$
28,599
Reconciliation of Segment Profit to Income Before Taxes
Three Months Ended
Nine Months Ended
September 30,
September 30,
Segment Profit
2016
2015
2016
2015
Aerospace
$
663
$
833
$
2,252
$
2,362
Home and Building Technologies
441
408
1,213
1,088
Performance Materials and Technologies
503
474
1,484
1,517
Safety and Productivity Solutions
172
193
495
565
Corporate
(59)
(56)
(157)
(156)
Total segment profit
1,720
1,852
5,287
5,376
Other income (expense) (A)
169
15
174
39
Interest and other financial charges
(82)
(72)
(252)
(226)
Stock compensation expense (B)
(49)
(41)
(145)
(132)
Pension ongoing income (B)
146
96
447
299
Other postretirement income (expense) (B) 7
(10)
24
(30)
Repositioning and other charges (B)
(279)
(133)
(520)
(393)
Income before taxes
$
1,632
$
1,707
$
5,015
$
4,933
(A)
Equity income (loss) of affiliated companies is included in segment profit
(B)
Amounts included in cost of products and services sold and selling, general and administrative expenses
Honeywell International Inc
Consolidated Balance Sheet (Unaudited)
(Dollars in millions)
September 30,
December 31,
2016
2015
ASSETS
Current assets:
Cash and cash equivalents
$
6,431
$
5,455
Accounts, notes and other receivables
8,627
8,075
Inventories
4,587
4,420
Investments and other current assets
2,189
2,103
Total current assets
21,834
20,053
Investments and long-term receivables
639
517
Property, plant and equipment - net
5,725
5,789
Goodwill
17,846
15,895
Other intangible assets - net
4,847
4,577
Insurance recoveries for asbestos related liabilities
433
426
Deferred income taxes
335
283
Other assets
1,897
1,776
Total assets
$
53,556
$
49,316
LIABILITIES AND SHAREOWNERS’ EQUITY
Current liabilities:
Accounts payable
$
5,418
$
5,580
Commercial paper and other short-term borrowings
5,601
5,937
Current maturities of long-term debt
649
577
Accrued liabilities
6,545
6,277
Total current liabilities
18,213
18,371
Long-term debt
9,608
5,554
Deferred income taxes
701
558
Postretirement benefit obligations other than pensions
477
526
Asbestos related liabilities
1,278
1,251
Other liabilities
3,905
4,348
Redeemable noncontrolling interest
3
290
Shareowners’ equity
19,371
18,418
Total liabilities, redeemable noncontrolling interest and shareowners’ equity
$
53,556
$
49,316
Honeywell International Inc
Consolidated Statement of Cash Flows (Unaudited)
(Dollars in millions)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2016
2015
2016
2015
Cash flows from operating activities:
Net income
$
1,248
$
1,276
$
3,801
$
3,644
Less: Net income attributable to the noncontrolling interest
8
12
26
70
Net income attributable to Honeywell
1,240
1,264
3,775
3,574
Adjustments to reconcile net income attributable to Honeywell to net
cash provided by operating activities:
Depreciation
182
168
546
503
Amortization
78
51
227
158
Gain on sale of non-strategic businesses and assets
(176)
(1)
(176)
(1)
Repositioning and other charges
302
133
567
393
Net payments for repositioning and other charges
(154)
(114)
(420)
(329)
Pension and other postretirement income
(153)
(86)
(471)
(269)
Pension and other postretirement benefit payments
(29)
(36)
(110)
(84)
Stock compensation expense
49
41
145
132
Deferred income taxes
(36)
158
146
284
Excess tax benefits from share based payment arrangements
-
(13)
-
(69)
Other
(8)
14
(33)
151
Changes in assets and liabilities, net of the effects of
acquisitions and divestitures:
Accounts, notes and other receivables
(57)
302
(570)
52
Inventories
(21)
5
(233)
(20)
Other current assets
60
(73)
78
(111)
Accounts payable
(18)
11
(18)
(13)
Accrued liabilities
295
(131)
3
(795)
Net cash provided by operating activities
1,554
1,693
3,456
3,556
Cash flows from investing activities:
Expenditures for property, plant and equipment
(274)
(277)
(749)
(685)
Proceeds from disposals of property, plant and equipment
3
-
4
3
Increase in investments
(1,262)
(1,835)
(3,083)
(5,701)
Decrease in investments
873
1,991
2,658
4,050
Cash paid for acquisitions, net of cash acquired
(1,484)
-
(2,568)
(185)
Proceeds from sales of businesses, net of fees paid
304
1
304
3
Other
106
81
158
(69)
Net cash used for investing activities
(1,734)
(39)
(3,276)
(2,584)
Cash flows from financing activities:
Net increase (decrease) in commercial paper and other short-term borrowings
1,799
882
(425)
2,011
Proceeds from issuance of common stock
143
25
386
150
Proceeds from issuance of long-term debt
37
34
4,510
48
Payments of long-term debt
(8)
(91)
(478)
(148)
Excess tax benefits from share based payment arrangements
-
13
-
69
Repurchases of common stock
(233)
(1,235)
(1,866)
(1,721)
Cash dividends paid
(453)
(410)
(1,410)
(1,261)
Payments to purchase the noncontrolling interest
-
-
(238)
-
AdvanSix pre-separation funding
269
-
269
-
AdvanSix pre-spin borrowing
38
-
38
-
AdvanSix cash at spin-off
(38)
-
(38)
-
Other
(25)
(27)
(40)
(61)
Net cash provided by (used for) financing activities
1,529
(809)
708
(913)
Effect of foreign exchange rate changes on cash and cash equivalents
37
(236)
88
(455)
Net increase (decrease) in cash and cash equivalents
1,386
609
976
(396)
Cash and cash equivalents at beginning of period
5,045
5,954
5,455
6,959
Cash and cash equivalents at end of period
$
6,431
$
6,563
$
6,431
$
6,563
Honeywell International Inc
Reconciliation of Cash Provided by Operating Activities to Free Cash Flow (Unaudited)
(Dollars in millions)
Three Months Ended
Twelve Months Ended
September 30,
December 31,
2016
2015
2015
Cash provided by operating activities
$
1,554
$
1,693
$
5,519
Expenditures for property, plant and equipment
(274)
(277)
(1,073)
Free cash flow
$
1,280
$
1,416
$
4,446
We define free cash flow as cash provided by operating activities less cash expenditures for property, plant and equipment.
We believe that this metric is useful to investors and management as a measure of cash generated by business operations that will be used to repay scheduled debt maturities and can be used to invest in future growth through new business development activities or acquisitions, and to pay dividends, repurchase stock, or repay debt obligations prior to their maturities. This metric can also be used to evaluate our ability to generate cash flow from business operations and the impact that this cash flow has on our liquidity.
Honeywell International Inc
Reconciliation of Segment Profit to Operating Income and Calculation of Segment Profit and Operating Income Margins (Unaudited)
(Dollars in millions)
Three Months Ended
September 30,
2016
2015
Segment Profit
$
1,720
$
1,852
Stock compensation expense (A)
(49)
(41)
Repositioning and other (A, B)
(290)
(142)
Pension ongoing income (A)
146
96
Other postretirement income (expense) (A)
7
(10)
Operating Income
$
1,534
$
1,755
Segment Profit
$
1,720
$
1,852
? Sales
$
9,804
$
9,611
Segment Profit Margin %
17.5%
19.3%
Operating Income
$
1,534
$
1,755
? Sales
$
9,804
$
9,611
Operating Income Margin %
15.6%
18.3%
(A) Included in cost of products and services sold and selling, general and administrative expenses.
(B) Includes repositioning, asbestos, environmental expenses and equity income adjustment.
We believe these measures are useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.
Honeywell International Inc
Reconciliation of Segment Profit to Operating Income Excluding Pension Mark-to-Market Adjustment and
Calculation of Segment Profit and Operating Income Margins Excluding Pension Mark-to-Market Adjustment (Unaudited)
(Dollars in millions)
Twelve Months Ended
December 31,
2015
Segment Profit
$
7,256
Stock compensation expense (A)
(175)
Repositioning and other (A, B)
(576)
Pension ongoing income (A)
430
Pension mark-to-market adjustment (A)
(67)
Other postretirement expense (A)
(40)
Operating Income
$
6,828
Pension mark-to-market adjustment (A)
(67)
Operating Income excluding pension mark-to-market adjustment
$
6,895
Segment Profit
$
7,256
? Sales
$
38,581
Segment Profit Margin %
18.8%
Operating Income
$
6,828
? Sales
$
38,581
Operating Income Margin %
17.7%
Operating Income excluding pension mark-to-market adjustment
$
6,895
? Sales
$
38,581
Operating Income Margin excluding pension mark-to-market adjustment %
17.9%
(A) Included in cost of products and services sold and selling, general and administrative expenses.
(B) Includes repositioning, asbestos, environmental expenses and equity income adjustment.
We believe these measures are useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.
Honeywell International Inc
Reconciliation of Earnings Per Share to Earnings Per Share, Excluding Pension Mark-to-Market Adjustment and Debt Refinancing Expenses (Unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2015 (1)
2015 (2)
Earnings per share of common stock - assuming dilution
$
1.53
$
6.04
Pension mark-to-market adjustment
0.05
0.06
Debt refinancing expenses
-
-
Earnings per share of common stock - assuming dilution,
excluding pension mark-to-market and debt refinancing expenses
$
1.58
$
6.10
(1) Utilizes weighted average shares of 780.8 million.
Mark-to-market uses a blended tax rate of 36.1%
(2) Utilizes weighted average shares of 789.3 million.
Mark-to-market uses a blended tax rate of 36.1%
We believe earnings per share, excluding pension mark-to-market and debt refinancing expenses, is a measure that is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.
Honeywell International Inc
Calculation of SBG Segment Profit Margin Excluding Mergers and Acquisitions (Unaudited)
(Dollars in millions)
Three Months Ended
September 30,
2016
Aerospace
Segment Profit excluding mergers and acquisitions
$
658
? Sales excluding mergers and acquisitions
$
3,559
Segment Profit Margin excluding mergers and acquisitions %
18.5%
Home and Building Technologies
Segment Profit excluding mergers and acquisitions
$
416
? Sales excluding mergers and acquisitions
$
2,384
Segment Profit Margin excluding mergers and acquisitions %
17.4%
Performance Materials and Technologies
Segment Profit excluding mergers and acquisitions
$
473
? Sales excluding mergers and acquisitions
$
2,195
Segment Profit Margin excluding mergers and acquisitions %
21.5%
Safety and Productivity Solutions
Segment Profit excluding mergers and acquisitions
$
166
? Sales excluding mergers and acquisitions
$
1,092
Segment Profit Margin excluding mergers and acquisitions %
15.2%
We believe these measures are useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.
Honeywell International Inc
Reconciliation of Core Organic Sales Growth (Unaudited)
Three Months Ended
September 30,
2016
Honeywell
Reported sales growth
2%
Less: Foreign currency translation, acquisitions, divestitures and other
5%
Less: Raw materials pricing in R&C
-
Core organic sales growth
(3%)
PMT
Reported sales growth
2%
Less: Foreign currency translation, acquisitions, divestitures and other
5%
Less: Raw materials pricing in R&C
-
Core organic sales growth
(3%)
Throughout this press release, core organic sales growth refers to reported sales growth less the impacts from foreign currency translation, M&A and raw materials pass-through pricing in the Resins & Chemicals business of PMT. The raw materials pricing impact is excluded in instances where raw materials costs are passed through to customers, which drives fluctuations in selling prices not tied to volume growth.
We believe core organic sales growth is a measure that is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.

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SOURCE Honeywell

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