New 52-Week High Follows Honeywell Earnings Report

global economyHoneywell International Inc. (NYSE: HON) reported fourth-quarter and full-year 2012 results before markets opened this morning. For the quarter, the conglomerate posted adjusted diluted earnings per share (EPS) of $1.10 on revenues of $9.58 billion. In the same period a year ago, the company reported EPS of $1.05 on revenues of $9.47 billion. Fourth-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $1.09 and $9.51 billion in revenues.

For the full year, Honeywell posted EPS of $4.48 on revenues of $337.67 billion, compared with EPS of $4.05 on revenues of $36.53 billion in 2011. The consensus estimate called for EPS of $4.48 on revenues of $37.6 billion.

On a GAAP basis, the company reported a fourth-quarter net loss of $0.40 per share and full-year EPS of $3.69.

The company's CEO said:

In a weak global economy, we grew sales 3% and earnings by 11%, while expanding margins to record levels and continuing to generate strong cash flow. … We've also maintained a strong long-cycle backlog, now a record $15.8 billion, with new platform wins across many of our businesses last year.

The company offered no guidance, but the consensus estimate for the first quarter calls for EPS of $1.13 on revenues of $9.52 billion. For the full year, the EPS estimate is $4.92 on revenues of $39.34 billion.

Honeywell's highest sales come from its automation and control segment, which posted a year-over-year gain of 3% in sales and a 1.1% boost in margins, to 15.5%. The highest growth came from its performance materials and technologies segment, which experienced a revenue boost of 8% to a total of $1.55 billion, even though margins fell by 2% to 13.6%. Both the aerospace and transportation segments posted revenue declines.

Honeywell's shares are up about 2.5% in premarket trading at $69.95, a new 52-week high if it holds. The current 52-week range is $52.21 to $69.21. Thomson Reuters had a consensus analyst price target of around $71.60 before today's report.


Filed under: 24/7 Wall St. Wire, Conglomerates, Earnings Tagged: HON
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