We invested in high-return capital expenditures, repurchased $3.7 billion of Honeywell shares, completed three acquisitions, made six new investments within Honeywell Ventures, and announced our 11th consecutive dividend increase. “Honeywell’s strong balance sheet put us in a good position to weather the challenges of 2020 while investing for future growth. For the year, we generated $6.2 billion in operating cash flow with 130% conversion and $5.3 billion in free cash flow with 105% adjusted free cash flow conversion 5. We also continued our focus on generating cash and achieved 170% adjusted free cash flow conversion 2 in the quarter. Our fourth quarter adjusted earnings per share was $2.07, flat year-over-year on an adjusted basis 1 and above the high end of our guidance. We continued to prudently reduce costs in the quarter, bringing our full-year total fixed cost savings to $1.5 billion. “Our focus on delivering differentiated solutions drove double-digit organic sales growth in our defense and space, warehouse automation, personal protective equipment, and recurring connected software businesses for the second consecutive quarter. “We finished a challenging 2020 with another quarter of sequential improvements in sales growth, margin expansion, and adjusted earnings per share,” said Darius Adamczyk, chairman and chief executive officer of Honeywell. For the full year, operating margin contracted 120 basis points and segment margin contracted 70 basis points, with earnings per share of $6.72 and adjusted earnings per share 4 of $7.10, above the high end of our guidance. The company reported a fourth-quarter year-over-year sales decline of 6%, down 7% on an organic basis, and a full-year sales decline of 11% on a reported and organic basis. CHARLOTTE, N.C., January 29, 2021 - Honeywell (NYSE: HON) today announced results for the fourth quarter and full year 2020 that exceeded investor expectations, as well as its outlook for 2021.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |