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by Stephanie Neil, MA Editorial Staff
Posted on Friday, July 20, 2007 4:35:00 PM Sign Up to receive Daily News Alerts in your E-mail Inbox    | Abstract: | Riding high, in part on the strength of its Automation and Controls Solutions Group, the automation company announces additional share repurchasing plans and more optimistic guidance.
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| Keywords: | Honeywell, stock repurchase, quarterly earnings, financial performance, revenue, second quarter, automation vendor
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Honeywell announced solid second-quarter growth on Thursday, buoyed by its Aerospace and Automation and Control Solutions groups. The automation conglomerate reported sales of $8.5 billion, up 8% from the year-ago quarter. Earnings totaled $611 million, a 17% improvement over the $521 million Honeywell reported in the second quarter of 2006. Diluted earnings per share leapt 24% year over year to $0.78. The company, on a bit of a financial roll after a similarly strong first quarter, and with free cash flow of $820 million (less capital expenditures), announced an expanded stock repurchase plan — it repurchased more than 40 million shares of stock this past quarter — and raised its guidance for the year. "We had a great first half of 2007, with sales increasing 10%, EPS up 25%, and free cash flow up 42%," said Honeywell CEO David Cote in a statement. "As a result of this performance, our share repurchases, and confident outlook for the second half, we are raising full-year sales, EPS, and free cash flow guidance," he said. [Click to continue] |
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