Morris Township, NJ, July 21 – Honeywell today announced second quarter earnings per share of $0.42, an increase of $0.05 or 14% over the prior year.
Sales of $6.4 billion were up 11% compared to 2003, primarily due to strong volume growth in all four operating segments.
"In the second quarter, all four Honeywell businesses saw increases in sales and improving end markets," said Honeywell Chairman and Chief Executive Officer Dave Cote. "Double digit net income growth was driven by strong conversion on higher volume. We are benefiting from the depth and breadth of our technology, our strong customer relationships and the actions taken to prepare for the market turnaround we are now experiencing. We continue to fund growth initiatives that will translate into future opportunities across our businesses."
Net income increased to $361 million for the quarter, with volume-driven profitability partially offset by the impact of higher non-cash pension expense.
"Order rates continue to be strong in all of our businesses," Cote said.
