Honeywell sees strong 2013 performance, further margin improvement in 2014

Honeywell outlined (17-Sep-2013) its 1H2013 financial performance and reiterated its 2013 outlook. The company reported a "strong" 1H2013, with a 1% increase in sales to USD19,021 million and a 9% increase in earnings per share, when normalised for tax. Segment margins in 1H2013 were up 16.1%, an increase of 60 basis points. Net income rose 15% to USD1987 million. Earnings per share rose 14% to USD2.49. 2H2013 commercial aerospace aftermarket is expected to be strong, while commercial aerospace equipment manufacturing is expected to be stable. The company made the following forecast for full-year 2013:

• Sales: 1-2% organic growth
• Segment margins: 16-16.2%. Up 60 to 80 basis points, excluding mergers and acquisitions
• Earnings per share: USD4.85 to USD4.95

The company sees continuing strong income conversion. It has set a 2014 target of segment margins of 16-18%. [more - original PR]