Honeywell has announced full-year 2008 sales increased 6 percent to $36.6 billion from $34.6 billion in 2007.
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Fourth quarter sales were $8.7 billion versus $9.3 billion in 2007. However, fourth-quarter net income totaled $707 million, or 97 cents per share, compared with $689 million, or 91 cents per share, a year earlier. The company cut its cost of products and services by about 7 percent to $6.5 billion during the quarter.
Honeywell’s auto equipment unit suffered a 35 percent plunge in the fourth quarter, as the financial crisis and lower demand for new cars took its toll.
“Having great positions in good industries combined with strong execution drove Honeywell’s performance and growth in a tough 2008 economic environment,” said Honeywell Chairman and CEO Dave Cote. “Our key initiatives, including the Honeywell Operating System, Velocity Product Development and Functional Transformation, are working, and we’re a much stronger company today because of their ongoing global implementation. In 2008, we were awarded large multi-year contracts and continued to be a strong cash generator. We also made acquisitions to bolster our portfolio, completed meaningful share repurchases, and increased the dividend rate.
“2009 will be a more challenging year,” added Cote. “However, the actions we’ve taken over the past several years will benefit us in this economic downturn and have made Honeywell a more efficient, innovative and productive company. We are well positioned and confident in our ability to outperform in 2009 and over the long-term.”
