(HON) Honeywell International

Honeywell Submits Quarterly Report on Form 10-Q for Quarter Ended March 31,
2012

April 25, 2012

Honeywell International Inc. ("Honeywell") has submitted its Quarterly Report
on Form 10-Q for the quarter ended March 31, 2012 to the National Storage
Mechanism. The Form 10-Q will be available for viewing shortly for inspection
at: www.Hemscott.com/nsm.do.

A copy of Honeywell's Form 10-Q is also available on its website at
http://investor.honeywell.com/phoenix.zhtml?c=94774&p=irol-irhome.

SOURCE Honeywell



END

Honeywell First Quarter Sales Up 7% To $9.3 Billion; And Earnings Up 18% To
$1.04 Per Share


- Higher Than Expected Organic Sales, Segment Margin and EPS - Broad Based
Overdrive

- 6% Organic Growth Reflects New Products and Technologies, Geographic
Expansion

- Raising 2012 Proforma EPS Guidance to $4.35 - $4.55, Up From $4.25 - $4.50

MORRIS TOWNSHIP, N.J., April 20, 2012 -- Honeywell (NYSE: HON) today announced
its results for the first quarter of 2012:

Total Honeywell

($ Millions, except Earnings Per Share) 1Q 2011 1Q 2012 % Change

Sales 8,672 9,307 7%

Earnings Per Share from Continuing Operations $0.86 $1.04 21%
Earnings Per Share $0.88 $1.04 18%

Cash Flow from Operations (443) 196 N/A
Free Cash Flow* 446 300 (33%)


* Free Cash Flow (cash flow from operations less capital expenditures) prior to
cash pension contributions



"Honeywell had a terrific start to the year highlighted by higher than expected
organic sales, 70 basis points of margin expansion, and strong double-digit
earnings growth," said Honeywell Chairman and Chief Executive Officer Dave
Cote. "We've seen good momentum in the U.S. and our key high growth regions,
which is more than offsetting softness in Europe impacting our short-cycle
businesses. Our long-cycle businesses, namely commercial aerospace and UOP, had
particularly strong growth, overdriving expectations in the quarter. As a
result of our strong first quarter and continued favorable outlook for our
major markets, we're raising our 2012 earnings per share outlook. Our continued
seed planting, coupled with great positions in good industries and the Five
Initiatives - growth, productivity, cash, people, and our enablers - will
remain the keys to our continued outperformance in 2012 and over the
long-term."

The company is updating its full-year 2012 sales and EPS guidance and now
expects:


Full Year Guidance


2012 2012 % Change
Prior Revised vs. 2011
Guidance Guidance

Sales $37.8 - $38.0 - 38.6B 4% - 6%
38.9B


Earnings Per Share from Continuing $4.25 - $4.35 - $4.55 9% - 14%
Operations(1) $4.50

Earnings Per Share(2) $4.25 - $4.35 - $4.55 7% - 12%
$4.50

Free Cash Flow(3) ~$3.5B ~$3.5B ~100%
conversion


(1) Proforma (Ongoing Operations); V% Excludes Any Mark-to-Market Pension
Adjustments and Excludes 3Q11 Repo and Other Actions Funded by CPG Gain
(in Disc. Ops)

(2) Proforma, V% Excludes Any Mark-to-Market Pension Adjustments

(3) Free Cash Flow (Cash Flow from Operations Less Capital Expenditures) Prior
to Any NARCO Related Payments and Cash Pension Contributions


First Quarter Segment Performance


Aerospace


($ Millions) 1Q 1Q %
2011 2012 Change


Sales 2,696 2,950 9%

Segment Profit 467 534 14%

Segment Margin 17.3% 18.1% 80 bps



* Sales were up 9% compared with the first quarter of 2011. Organic growth
was 8% which was primarily driven by an 18% increase in our Commercial end
markets, partially offset by lower services revenue in Defense and Space.
Commercial OE sales were up 22%, or 18% organic excluding the impact of the
EMS acquisition. Commercial aftermarket sales were up 16% with growth in
both spares and R&O.

* Segment profit was up 14% and segment margin increased 80 bps to 18.1%,
primarily due to strong commercial aftermarket volume and productivity, net
of inflation and higher investments in R&D.

Automation and Control Solutions

($ Millions) 1Q 1Q %
2011 2012 Change


Sales 3,656 3,788 4%

Segment Profit 459 491 7%

Segment Margin 12.6% 13.0% 40 bps


* Sales were up 4%, 3% organic, compared with the first quarter of 2011
driven by growth in Process Solutions and Building Solutions and
Distribution, partially offset by a modest (1%) organic decline in Energy,
Safety and Security as a result of market headwinds in several of our short
cycle businesses. ACS continues to benefit from new product introductions,
geographic expansion, and favorable macro trends such as safety, security,
and energy efficiency.

* Segment profit was up 7% and segment margins were up 40 bps to 13.0% driven
by productivity benefits net of inflation, and the absence of prior year
dilution from acquisitions.

Performance Materials and Technologies


($ Millions) 1Q 2011 1Q 2012 % Change


Sales 1,355 1,615 19%

Segment Profit 284 319 12%

Segment Margin 21.0% 19.8% (120) bps


* Sales were up 19%, 12% organic, compared with the first quarter of 2011,
resulting from strong UOP catalyst and licensing sales, the phenol plant
acquisition, and strong volumes in Resins & Chemicals, offsetting softer
demand in Asia and Europe in Specialty Products and the impact of
unfavorable pricing due to more challenging global supply conditions in
Fluorines. Demand for UOP technology offerings and services remained
strong with new orders up over 50%.

* Segment profit was up 12% due to higher volumes, partially offset by
continued investment to support growth in the business. Segment margin
decreased (120) bps to 19.8%, primarily due to the dilutive impact of the
phenol plant acquisition. This is better than expected performance due to
less price/raws headwinds than originally planned.

Transportation Systems

($ Millions) 1Q 1Q %
2011 2012 Change


Sales 965 954 (1%)

Segment Profit 118 120 2%

Segment Margin 12.2% 12.6% 40 bps


* Sales were down (1%), but up 1% on an organic basis, compared with the
first quarter of 2011, due to new business launches and higher diesel
penetration, partially offset by lower European vehicle production and
aftermarket sales volume.

* Segment profit was up 2% and segment margins increased 40 bps to 12.6%
primarily driven by productivity gains including benefits from prior period
restructuring actions.

Honeywell will discuss its results during its investor conference call today
starting at 9:30 a.m. EDT. To participate, please dial (631) 291-4830 a few
minutes before the 9:30 a.m. EDT start. Please mention to the operator that you
are dialing in for Honeywell's investor conference call. The live webcast of
the investor call will be available through the "Investor Relations" section of
the company's Website (http://www.honeywell.com/investor). Investors can access
a replay of the conference call from 12:30 p.m. EDT, April 20, until midnight,
April 27, by dialing (404) 537-3406. The access code is 65469116.

Honeywell (www.honeywell.com) is a Fortune 100 diversified technology and
manufacturing leader, serving customers worldwide with aerospace products and
services; control technologies for buildings, homes, and industry; automotive
products; turbochargers; and specialty materials. Based in Morris Township,
N.J., Honeywell's shares are traded on the New York, London, and Chicago Stock
Exchanges. For more news and information on Honeywell, please visit
www.honeywellnow.com.

This release contains certain statements that may be deemed "forward-looking
statements" within the meaning of Section 21E of the Securities Exchange Act of
1934. All statements, other than statements of historical fact, that address
activities, events or developments that we or our management intends, expects,
projects, believes or anticipates will or may occur in the future are
forward-looking statements. Such statements are based upon certain assumptions
and assessments made by our management in light of their experience and their
perception of historical trends, current economic and industry conditions,
expected future developments and other factors they believe to be appropriate.
The forward-looking statements included in this release are also subject to a
number of material risks and uncertainties, including but not limited to
economic, competitive, governmental, and technological factors affecting our
operations, markets, products, services and prices. Such forward-looking
statements are not guarantees of future performance, and actual results,
developments and business decisions may differ from those envisaged by such
forward-looking statements.

Contacts:
Media Investor Relations
Robert C. Ferris Elena Doom
(973) 455-3388 (973) 455-2222
rob.ferris@honeywell.com elena.doom@honeywell.com


Honeywell International Inc
Consolidated Statement of Operations (Unaudited)
(In millions, except per share amounts)


Three Months Ended
March 31,

2012 2011

Product sales $ 7,377 $ 6,813

Service sales 1,930 1,859

Net sales 9,307 8,672


Costs, expenses and other

Cost of products sold (A) 5,571 5,194

Cost of services sold (A) 1,309 1,230

6,880 6,424

Selling, general and administrative expenses (A) 1,231 1,232

Other (income) expense (15) (29)

Interest and other financial charges 89 99

8,185 7,726


Income from continuing operations before taxes 1,122 946

Tax expense 297 256


Income from continuing operations after taxes 825 690


Income from discontinued operations after taxes - 18


Net income 825 708


Less: Net income attributable to the noncontrolling interest 2 3


Net income attributable to Honeywell $ 823 $ 705


Amounts attributable to Honeywell:

Income from continuing operations less net income

attributable to the noncontrolling interest 823 687

Income from discontinued operations - 18

Net income attributable to Honeywell $ 823 $ 705


Earnings per share of common stock - basic:

Income from continuing operations 1.06 0.87

Income from discontinued operations - 0.03

Net income attributable to Honeywell $ 1.06 $ 0.90


Earnings per share of common stock - assuming dilution:

Income from continuing operations 1.04 0.86

Income from discontinued operations - 0.02

Net income attributable to Honeywell $ 1.04 $ 0.88


Weighted average number of shares outstanding-basic 777.3 785.5


Weighted average number of shares outstanding -

assuming dilution 788.1 797.7


(A) Cost of products and services sold and selling, general and administrative
expenses include amounts for repositioning and other charges, pension and other
post-retirement expense, and stock compensation expense



Honeywell International Inc
Segment Data (Unaudited)
(Dollars in millions)


Three Months Ended
March 31,

Net Sales 2012 2011


Aerospace $ 2,950 $ 2,696


Automation and Control Solutions 3,788 3,656


Performance Materials and Technologies 1,615 1,355


Transportation Systems 954 965


Corporate - -


Total $ 9,307 $ 8,672



Reconciliation of Segment Profit to Income From Continuing Operations Before
Taxes


Three Months Ended
March 31,

Segment Profit 2012 2011


Aerospace $ 534 $ 467


Automation and Control Solutions 491 459


Performance Materials and Technologies 319 284


Transportation Systems 120 118


Corporate (49) (68)


Total Segment Profit 1,415 1,260


Other income/(expense) (A) 5 20

Interest and other financial charges (89) (99)

Stock compensation expense (B) (51) (49)

Pension ongoing expense (B) (13) (35)

Other postretirement income/(expense) (B) (23) (18)

Repositioning and other charges (B) (122) (133)


Income from continuing operations before taxes $ 1,122 $ 946



(A) Equity income/(loss) of affiliated companies is
included in Segment Profit


(B) Amounts included in cost of products and services sold and selling,
general and administrative expenses.



Honeywell International Inc
Consolidated Balance Sheet (Unaudited)
(Dollars in millions)

March 31, December 31,
2012 2011


ASSETS

Current assets:

Cash and cash equivalents $ 3,988 $ 3,698


Accounts, notes and other receivables 7,268 7,228

Inventories 4,368 4,264

Deferred income taxes 428 460

Investments and other current assets 501 484

Total current assets 16,553 16,134


Investments and long-term receivables 533 494

Property, plant and equipment - net 4,814 4,804

Goodwill 11,910 11,858

Other intangible assets - net 2,420 2,477

Insurance recoveries for asbestos related liabilities 680 709

Deferred income taxes 2,061 2,132

Other assets 1,399 1,200


Total assets $ 40,370 $ 39,808



LIABILITIES AND SHAREOWNERS' EQUITY

Current liabilities:

Accounts payable $ 4,535 $ 4,738


Short-term borrowings 69 60

Commercial paper 948 599

Current maturities of long-term debt 615 15

Accrued liabilities 6,499 6,863

Total current liabilities 12,666 12,275


Long-term debt 6,269 6,881

Deferred income taxes 707 676

Postretirement benefit obligations other than pensions 1,400 1,417

Asbestos related liabilities 1,509 1,499

Other liabilities 5,977 6,158

Shareowners' equity 11,842 10,902


Total liabilities and shareowners' equity $ 40,370 $ 39,808



Honeywell International Inc
Consolidated Statement of Cash Flows (Unaudited)
(Dollars in millions)


Three Months Ended
March 31,

2012 2011

Cash flows from operating activities:

Net income attributable to Honeywell $ 823 $ 705

Adjustments to reconcile net income attributable to
Honeywell to net cash provided by operating activities:

Depreciation and amortization 230 242

Gain on sale of non-strategic businesses and assets - (44)

Repositioning and other charges 122 133

Net payments for repositioning and other charges (104) (109)

Pension and other postretirement expense 36 54

Pension and other postretirement benefit payments (289) (1,050)

Stock compensation expense 51 49

Deferred income taxes 132 68

Excess tax benefits from share based payment
arrangements (12) (13)

Other (7) 108

Changes in assets and liabilities, net of the
effects of acquisitions and divestitures:

Accounts, notes and other receivables (40) (172)

Inventories (108) (330)

Other current assets (28) (14)

Accounts payable (203) (4)

Accrued liabilities (407) (66)

Net cash provided by/(used for) operating activities 196 (443)


Cash flows from investing activities:

Expenditures for property, plant and equipment (152) (124)

Proceeds from disposals of property, plant and equipment 1 1

Increase in investments (84) (164)

Decrease in investments 92 62

Cash paid for acquisitions, net of cash acquired (1) (7)

Proceeds from sales of businesses, net of fees paid - 217

Other 22 31

Net cash (used for)/provided by investing activities (122) 16


Cash flows from financing activities:

Net increase in commercial paper 349 1

Net increase/(decrease) in short-term borrowings 7 (9)

Proceeds from issuance of common stock 90 101

Proceeds from issuance of long-term debt 2 1,381

Payments of long-term debt - (437)

Excess tax benefits from share based payment
arrangements 12 13


Cash dividends paid (291) (264)

Net cash provided by financing activities 169 786


Effect of foreign exchange rate changes on cash and cash
equivalents 47 67

Net increase in cash and cash equivalents 290 426

Cash and cash equivalents at beginning of period 3,698 2,650

Cash and cash equivalents at end of period $ 3,988 $ 3,076




Honeywell International Inc
Reconciliation of Cash Provided by Operating Activities to Free Cash Flow,
Prior to Pension Cash Contributions
(Unaudited)
(Dollars in millions)

Three Months Ended
March 31,
2012 2011

Cash provided by operating activities $ 196 $ (443)

Expenditures for property, plant and equipment (152) (124)

Free cash flow $ 44 $ (567)

Pension cash contributions 256 1,013

Free cash flow, prior to pension cash $ 300 $ 446
contributions

We define free cash flow as cash provided by operating activities, less cash
expenditures for property, plant and equipment

We believe that this metric is useful to investors and management as a measure
of cash generated by business operations that will be used to repay scheduled
debt maturities and can be used to invest in future growth through new business
development activities or acquisitions, and to pay dividends, repurchase stock,
repay debt obligations prior to their maturities, or make cash pension
contributions. This metric can also be used to evaluate our ability to generate
cash flow from business operations and the impact that this cash flow has on our
liquidity.

Honeywell International Inc

Reconciliation of Earnings Per Share to Earnings Per Share, Excluding
Mark-to-Market Pension Adjustments and Third Quarter 2011 Repositioning
and Other Actions Funded by CPG Gain

2011


EPS - continuing operations assuming dilution $ 2.35

Mark-to-market pension adjustment $ 1.44

EPS - continuing operations assuming dilution, excluding
mark-to-market pension adjustment $ 3.79

Third quarter 2011 repositioning and other actions funded by CPG gain $ 0.22

EPS - continuing operations assuming dilution, excluding mark-to-market
pension adjustment and third quarter 2011 repositioning and other
actions funded by CPG gain $ 4.01

2011

EPS - Total Honeywell assuming dilution $ 2.61

Mark-to-market pension adjustment $ 1.44

EPS - Total Honeywell assuming dilution, excluding mark-to-market
pension adjustment $ 4.05

We believe EPS, excluding mark-to-market pension expense and third quarter 2011
repositioning and other actions funded by CPG gain, is a metric that is useful
to investors and management in understanding our ongoing operations and in analysis
of ongoing operating trends

EPS utilizes weighted average shares outstanding of 791.6 million and the
effective tax rate for the period. Mark-to-market uses a blended tax rate of 36.9%

SOURCE Honeywell


END

Honeywell Submits Annual Report on Form 10-K for the Year Ended December 31, 2011

February 24, 2012 -- Honeywell International Inc. ("Honeywell") has submitted
its Annual Report on Form 10-K for the year ended December 31, 2011 to the
National Storage Mechanism. The Form 10-K will be available for viewing shortly
for inspection at: www.Hemscott.com/nsm.do.

A copy of Honeywell's Form 10-K is also available on its website at
http://investor.honeywell.com/phoenix.zhtml?c=94774&p=irol-irhome.

SOURCE Honeywell




END

Honeywell Reports Full-Year Sales Up 13% to $36.5 Billion; Proforma Earnings Up
35% to $4.05 Per Share; And Reported Earnings Per Share of $2.61

MORRIS TOWNSHIP, N.J., Jan. 27, 2012 -- Honeywell (NYSE: HON)
today announced fourth quarter and full-year 2011 results as follows:

* 4Q11 sales were up 8% to $9.5 billion versus $8.7 billion in 4Q10
+ 7% organic growth reflects continued strength in most end markets and
the contribution of new product launches and geographic expansion
* 4Q11 proforma earnings (excluding the impact of pension mark-to-market
adjustments) of $1.05 per share, up 21% over $0.87 in 4Q10; Reported 4Q11
earnings reflected a loss of ($0.40) per share versus earnings of $0.47 per
share in the prior year
+ Pension mark-to-market adjustment of $1.45 per share calculated using
784.3 million weighted average shares outstanding assuming dilution
* 4Q11 cash flow from operations of $1.5 billion, includes $250 million cash
pension contribution in the quarter
+ 4Q11 free cash flow (cash flow from operations less capital
expenditures) of $1.4 billion, prior to $250 million cash pension
contribution


The company reported full-year 2011 results including:

* 2011 sales of $36.5 billion, up approximately 13% over 2010
+ 8% organic sales growth, again reflecting strong end markets,
successful new product launches, and continued expansion in high growth
regions
* 2011 proforma earnings (excluding the impact of pension mark-to-market
adjustments) of $4.05 per share, up 35% over $3.00 in 2010; Reported EPS of
$2.61 in 2011 versus $2.59 in the prior year
+ Pension mark-to-market adjustment of $1.44 per share calculated using
791.6 million weighted average shares outstanding assuming dilution
* 2011 cash flow from operations of $2.8 billion, includes $1.7 billion cash
pension contribution in the year
+ 2011 free cash flow of approximately $3.7 billion, prior to $1.7
billion cash pension contribution


"Honeywell had a terrific 2011," said Honeywell Chairman and CEO Dave Cote. "We
executed across the portfolio with record organic sales growth and segment
margins. Our 2011 performance reflects the operational and financial
disciplines that underpin the transformation that has taken place at the
company over the last 10 years. We deployed the Honeywell 5 Initiatives -
Growth, Productivity, Cash, People, and our Enablers, and created a common One
Honeywell culture committed to continuous improvement. As a result, we built a
better set of businesses with Great Positions in Good Industries, a terrific
performance track record, a great leadership team with a truly global focus, a
very full pipeline of new products and technologies, and our key process
initiatives that are gaining momentum. We've come a long way, and we feel even
better about our future."

"While we expect a more challenging macro environment ahead in 2012, primarily
driven by softness in Europe impacting the short-cycle businesses, we're
confident that Honeywell is well positioned to continue to outperform,"
continued Cote. "Our long-cycle businesses are accelerating, with Commercial
Aerospace OE, UOP, Building Solutions & Distribution, and Process Solutions all
having substantial backlog, in total just under $16 billion. While we expect
growth to moderate in the first half of 2012, we're confident that we can drive
strong sales conversion leading to higher segment margins over the course of
the year. The investments we've made, coupled with our execution track record
and disciplined playbook, will be key to our continued outperformance in 2012
and beyond."

Fourth Quarter Segment Highlights

Aerospace

* Sales were up 8% compared with the fourth quarter of 2010, primarily due to
20% growth in Commercial original equipment and aftermarket volumes,
partially offset by lower military sales and government services.
* Segment profit was up 10% and segment margin increased 40 bps to 18.8%,
primarily due to strong commercial aftermarket volume and productivity
benefits net of inflation, partially offset by higher research and
development costs, and the dilution associated with the EMS acquisition.
* Honeywell secured more than $100 million in safety product wins including
contracts with Lufthansa Airlines to introduce Intuvue Radar and
SmartLanding airport and runway awareness technology on its full fleet of
A320 aircraft. Air China will introduce Honeywell's Intuvue Radar on its
B777-300ER in addition to Satellite Communication System, Traffic Collision
Avoidance System, and Voice and Data recorders. Additionally, Emirates
Airlines will forward fit and retrofit Honeywell Satellite Communication
Systems on its fleet of 777, A380, and A340 aircraft.
* Honeywell was awarded more than $150 million in Global Aftermarket support
contracts in the quarter. These include a Maintenance Cost Agreement with
Flydubai for the carrier's auxiliary power units (APUs) installed on its
fleet of Boeing 737-800 passenger aircraft, aftermarket support with Air
France to provide multiple avionics components across several aircraft
platforms, and wheels and brakes support with Ethiopian Airlines and Air
China.
* Honeywell has delivered the latest version of its industry leading HTF7000
family of jet engines, the HTF7500E, to Embraer for flight testing on
Embraer's family of Legacy 450 and 500 series jets. The HTF7500E is
Honeywell's newest fuel efficient engine that encompasses SABER (Single
Annular Combustor for Emissions Reduction) combustor technology reducing
jet engine emissions by 25%.


Automation and Control Solutions

* Sales were up 4%, compared with the fourth quarter of 2010, driven by
organic growth across the portfolio. The favorable impact of net
acquisitions offset negative foreign currency translation in the quarter.
ACS continues to benefit from new product introductions, emerging region
expansion, and favorable macro trends such as safety, security, and energy
efficiency.
* Segment profit was up 14% and segment margins increased 130 bps to 14.4%
driven by higher volumes, commercial excellence, and productivity benefits
net of inflation, and the absence of prior year dilution from acquisitions.
* Process Solutions was awarded an $88.6 million contract by the city of Los
Angeles to completely overhaul and modernize the technology controlling the
city's wastewater treatment system. The project will allow the city's
Bureau of Sanitation to replace the current control systems, some of which
have been in place for two decades and are outdated, with a city- and
network-wide integrated system, simplifying operations and reducing
environmental risks from the aging infrastructure.
* Life Safety acquired King's Safetywear, a leading international provider of
branded safety footwear and other personal protective equipment (PPE).
Headquartered in Singapore, King's will be integrated into the global
Safety Products business and further broadens Honeywell's head-to-toe PPE
portfolio, offering a range of respected protective footwear brands to key
markets including Southeast Asia, Australia, and other regions. Life
Safety also acquired Fire Sentry Corporation, a privately-held manufacturer
of innovative fire detection and control products for a broad range of
industrial markets. Fire Sentry's product portfolio consists of
fast-responding electro-optical flame detectors, portable test lamps, and
dedicated control panels that are used by customers in industrial settings
such as petrochemical, semiconductor, and other plants.
* Building Solutions announced a smart grid project that will help Scottish
and Southern Energy Power Distribution connect up to 30 commercial and
industrial buildings in the Thames Valley area west of London, which will
help alleviate the potential for future transmission and distribution
bottlenecks as the peak demand for energy grows. The project will help to
create a more robust, agile grid without the public disruption or expense
of major infrastructure upgrades. Honeywell will install automated demand
response (Auto DR) technology in the selected facilities.


Performance Materials and Technologies

* Sales were up 24% compared with the fourth quarter of 2010, resulting from
strong UOP project and catalyst sales, the phenol plant acquisition, and
favorable pricing and new product applications in Advanced Materials.
* Segment profit was up 30% and segment margins increased 80 bps to 15.6% due
to higher project sales and catalyst growth, favorable price over raws
spreads, and continued productivity benefits, partially offset by inflation
and the unfavorable margin impact from the phenol plant acquisition.
* UOP announced that its adsorbent ion exchange products are successfully
being used by Toshiba Corp. and Shaw Global Services for the cleanup of
radiation-contaminated water at the Fukushima Daiichi nuclear power plant
in Japan. The Simplified Active Water Retrieve and Recovery System (SARRY)
is utilizing UOP IONSIV™ Ion Exchangers to remove and reduce radioactive
materials in the contaminated wastewater caused by the earthquake and
tsunami in Japan in 2011.
* Resins and Chemicals signed an agreement with the J.R. Simplot Company, one
of the world's largest privately-held food and agribusiness companies, to
build a facility that will produce Honeywell's Sulf-N® 26, a
highly-effective fertilizer with all the agronomic benefits of traditional
nitrate-based fertilizers but with significantly lower explosive potential.
* UOP announced that its Uniflex™ process technology, designed to help
refiners get more high-value product from each barrel of crude oil, has
been selected by National Refinery Limited to maximize diesel and lubricant
production in Pakistan. Uniflex™ technology was developed to help refiners
processing the bottom of the barrel (the heaviest portions of a barrel of
crude also known as vacuum residue) into higher-value transportation fuels.
This technology can deliver 90% conversion of vacuum residue to
transportation fuels.


Transportation Systems

* Sales were up 10% compared with the fourth quarter of 2010, due to higher
light vehicle turbo volumes overall, new launches, and higher diesel
penetration, partially offset by the unfavorable impact of foreign
exchange.
* Segment profit was up 14% and segment margins increased 40 bps to 12.4%,
primarily driven by higher volumes and increased productivity benefits,
partially offset by inflation.
* Honeywell Turbo Technologies launched approximately 25 new turbo
applications in the fourth quarter on gasoline and diesel powertrains for
both passenger and commercial vehicle applications around the world
bringing the 2011 total to nearly 100 applications and reflecting a record
number of deliveries in 2011 surpassing the previous record set in
pre-recession 2007.
* As global manufacturers continue to turn to engine downsizing and
turbocharging to meet increasing regulatory requirements and satisfy
customers, Honeywell Turbo Technologies was awarded more than $500 million
in new platform wins in Q4 bringing its year-to-date total to nearly $2.8
billion in revenue realized throughout the life of the future programs
won. The wins in Q4 reflect new business from global customers including
Audi, Nissan, Fiat, Chrysler, and Caterpillar.


Honeywell will discuss its results during its investor conference call today
starting at 9:30 a.m. EST. To participate, please dial (631) 291-4830 a few
minutes before the 9:30 a.m. EST start. Please mention to the operator that you
are dialing in for Honeywell's investor conference call. The live webcast of
the investor call will be available through the "Investor Relations" section of
the company's Website (http://www.honeywell.com/investor). Investors can access
a replay of the conference call from 12:30 p.m. EST, January 27, until
midnight, February 3, by dialing (404) 537-3406. The access code is 34690390.

Honeywell (www.honeywell.com) is a Fortune 100 diversified technology and
manufacturing leader, serving customers worldwide with aerospace products and
services; control technologies for buildings, homes, and industry; automotive
products; turbochargers; and performance materials. Based in Morris Township,
N.J., Honeywell's shares are traded on the New York, London, and Chicago Stock
Exchanges. For more news and information on Honeywell, please visit
www.honeywellnow.com.

This release contains certain statements that may be deemed "forward-looking
statements" within the meaning of Section 21E of the Securities Exchange Act of
1934. All statements, other than statements of historical fact, that address
activities, events or developments that we or our management intends, expects,
projects, believes or anticipates will or may occur in the future are
forward-looking statements. Such statements are based upon certain assumptions
and assessments made by our management in light of their experience and their
perception of historical trends, current economic and industry conditions,
expected future developments and other factors they believe to be appropriate.
The forward-looking statements included in this release are also subject to a
number of material risks and uncertainties, including but not limited to
economic, competitive, governmental, and technological factors affecting our
operations, markets, products, services and prices. Such forward-looking
statements are not guarantees of future performance, and actual results,
developments and business decisions may differ from those envisaged by such
forward-looking statements.


Honeywell International Inc.
Consolidated Statement of Operations (Unaudited)
(In millions except per share amounts)


Three Months Twelve Months
Ended Ended
December 31, December 31,
2011 2010 2011 2010


Product sales $ 7,478 $ 6,922 $ 28,745 $ 25,242

Service sales 1,995 1,827 7,784 7,108

Net sales 9,473 8,749 36,529 32,350


Costs, expenses and other

Cost of products sold (A) 6,862 5,665 23,220 19,903

Cost of services sold (A) 1,573 1,252 5,336 4,818

8,435 6,917 28,556 24,721

Selling, general and administrative
expenses (A) 1,616 1,289 5,399 4,618

Other (income) expense (12) (8) (84) (97)

Interest and other financial charges 91 92 376 386

10,130 8,290 34,247 29,628


Income (loss) from continuing operations
before taxes (657) 459 2,282 2,722

Tax expense (benefit) (350) 115 417 765


Income (loss) from continuing operations
after taxes (307) 344 1,865 1,957


Income from discontinued operations after
taxes - 25 209 78


Net income (loss) (307) 369 2,074 2,035


Less: Net income attributable to the
noncontrolling interest 3 - 7 13



Net income (loss) attributable to
Honeywell $ (310) $ 369 $ 2,067 $ 2,022


Amounts attributable to Honeywell:

Income (loss)from continuing
operations less net income
attributable to the
noncontrolling interest (310) 344 1,858 1,944

Income from discontinued operations - 25 209 78

Net income (loss) attributable to
Honeywell $ (310) $ 369 $ 2,067 $ 2,022


Earnings per share of common stock - basic:

Income (loss) from continuing
operations (0.40) 0.44 2.38 2.51

Income from discontinued operations - 0.03 0.27 0.10

Net income (loss) $ (0.40) $ 0.47 $ 2.65 $ 2.61


Earnings per share of common stock -
assuming dilution:

Income (loss) from continuing
operations (0.40) 0.44 2.35 2.49

Income from discontinued operations - 0.03 0.26 0.10

Net income (loss) $ (0.40) $ 0.47 $ 2.61 $ 2.59


Weighted average number of shares
outstanding-basic 774.7 782.3 780.8 773.5


Weighted average number of shares
outstanding -

assuming dilution 784.3 792.0 791.6 780.9


(A) Cost of products and services sold and selling, general and administrative
expenses include amounts for repositioning and other charges, pension and other
post-retirement expense, and stock compensation expense.


(B) Below is a reconciliation of Earnings per share to Earnings per share,
excluding mark-to-market pension expense. We believe this measure is useful to
investors and management in understanding our ongoing operations and in
analysis of ongoing operating trends.

Three Months Twelve Months
Ended Ended
December 31, December 31,
2011(1) 2010(1) 2011(1) 2010(1)




Earnings per share of common stock -
assuming dilution $ (0.40) $ 0.47 $ 2.61 $ 2.59

Mark-to-market pension expense 1.45 0.40 1.44 0.41

Earnings per share of common stock -
assuming dilution,
excluding mark-to-market pension
expense $ 1.05 $ 0.87 $ 4.05 $ 3.00


(1) EPS utilizes weighted average shares outstanding and the effective tax
rate for the period. Mark-to-market uses a tax rate of 36.9% and 32.3% for
2011 and 2010 respectively.



Honeywell International Inc.
Segment Data (Unaudited)
(Dollars in millions)


Three Months Ended Twelve Months Ended
December 31, December 31,
Net Sales 2011 2010 2011 2010

Aerospace $ 3,047 $ 2,826 $ 11,475 $ 10,683

Automation and
Control Solutions 4,051 3,914 15,535 13,749

Performance Materials
and Technologies 1,430 1,153 5,659 4,726

Transportation
Systems 944 856 3,859 3,192

Corporate 1 - 1 -

Total $ 9,473 $ 8,749 $ 36,529 $ 32,350



Reconciliation of Segment Profit to Income
From Continuing Operations Before Taxes


Three Months Ended Twelve Months Ended
December 31, December 31,
Segment Profit 2011 2010 2011 2010



Aerospace $ 573 $ 521 $ 2,023 $ 1,835

Automation and
Control Solutions 584 512 2,083 1,770

Performance Materials
and Technologies 223 171 1,042 749

Transportation
Systems 117 103 485 353

Corporate (68) (66) (276) (222)

Total Segment
Profit 1,429 1,241 5,357 4,485


Other income/
(expense) (A) (3) (4) 33 69

Interest and other
financial charges (91) (92) (376) (386)

Stock compensation
expense (B) (39) (41) (168) (163)

Pension expense
ongoing (B) (22) (39) (105) (185)

Pension expense
mark-to-market (B) (1,802) (471) (1,802) (471)

Other postretirement
income/(expense) (B) (23) (17) 86 (29)

Repositioning and
other charges (B) (106) (118) (743) (598)

Income (loss) from
continuing operations
before taxes $ (657) $ 459 $ 2,282 $ 2,722




(A) Equity income/(loss) of affiliated companies is included in Segment
Profit

(B) Amounts included in cost of products and services sold and selling,
general and administrative expenses.



Honeywell International Inc.
Consolidated Balance Sheet (Unaudited)
(Dollars in millions)


December 31, December 31,
2011 2010

ASSETS

Current assets:

Cash and cash equivalents $ 3,698 $ 2,650

Accounts, notes and other receivables 7,228 6,841

Inventories 4,264 3,822

Deferred income taxes 460 877

Investments and other current assets 484 455

Assets held for sale - 841

Total current assets 16,134 15,486


Investments and long-term receivables 494 616

Property, plant and equipment - net 4,804 4,724

Goodwill 11,858 11,275

Other intangible assets - net 2,477 2,537

Insurance recoveries for asbestos related
liabilities 709 825

Deferred income taxes 2,132 1,221

Other assets 1,200 1,150


Total assets $ 39,808 $ 37,834


LIABILITIES AND SHAREOWNERS' EQUITY

Current liabilities:


Accounts payable $ 4,738 $ 4,199

Short-term borrowings 60 67

Commercial paper 599 299

Current maturities of long-term debt 15 523

Accrued liabilities 6,863 6,446

Liabilities related to assets held for
sale - 190

Total current liabilities 12,275 11,724


Long-term debt 6,881 5,755

Deferred income taxes 676 636

Postretirement benefit obligations other
than pensions 1,417 1,477

Asbestos related liabilities 1,499 1,557

Other liabilities 6,158 5,898

Shareowners' equity 10,902 10,787


Total liabilities and shareowners'
equity $ 39,808 $ 37,834



Honeywell International Inc.
Consolidated Statement of Cash Flows (Unaudited)
(Dollars in millions)


Three Months Twelve Months
Ended Ended
December 31, December 31,
2011 2010 2011 2010

Cash flows from operating activities:

Net income (loss) attributable to
Honeywell $ (310) $ 369 $ 2,067 $ 2,022

Adjustments to reconcile net income
(loss) attributable to Honeywell to net
cash provided by operating
activities:

Depreciation and amortization 253 271 957 987

Gain on sale of non-strategic
businesses and assets (9) - (362) -

Repositioning and other charges 106 118 743 600

Net payments for repositioning and
other charges (133) (210) (468) (439)

Pension and other postretirement
expense 1,847 528 1,823 689

Pension and other postretirement
benefit payments (293) (651) (1,788) (787)

Stock compensation expense 39 41 168 164

Deferred income taxes (528) 190 (331) 878

Excess tax benefits from share
based payment arrangements (11) (8) (42) (13)

Other 211 73 194 (24)

Changes in assets and liabilities,
net of the effects of
acquisitions and divestitures:

Accounts, notes and other
receivables 117 (119) (316) (688)

Inventories 130 56 (310) (300)

Other current assets 78 20 25 (26)

Accounts payable 162 263 527 592

Accrued liabilities (182) 104 (54) 548

Net cash provided by operating activities 1,477 1,045 2,833 4,203


Cash flows from investing activities:

Expenditures for property, plant and
equipment (332) (300) (798) (651)

Proceeds from disposals of property,
plant and equipment 3 6 6 14

Increase in investments (58) (18) (380) (453)

Decrease in investments 66 18 354 112

Cash paid for acquisitions, net of
cash acquired (346) 15 (973) (1,303)

Proceeds from sales of businesses, net
of fees paid (14) 7 1,156 7

Other (43) (17) 24 5

Net cash used for investing activities (724) (289) (611) (2,269)


Cash flows from financing activities:

Net (decrease)/increase in commercial
paper (101) (598) 300 1

Net increase/(decrease) in short-term
borrowings 2 2 (2) 20

Payment of debt assumed with
acquisitions (33) - (33) (326)

Proceeds from issuance of common stock 72 84 304 195

Proceeds from issuance of long-term
debt 1 - 1,390 -

Payments of long-term debt (500) (2) (939) (1,006)

Excess tax benefits from share based
payment arrangements 11 8 42 13

Repurchases of common stock (76) - (1,085) -

Cash dividends paid (295) (240) (1,091) (944)

Net cash used for financing activities (919) (746) (1,114) (2,047)


Effect of foreign exchange rate changes
on cash and cash equivalents (21) - (60) (38)

Net (decrease)/increase in cash and cash
equivalents (187) 10 1,048 (151)

Cash and cash equivalents at beginning of
period 3,885 2,640 2,650 2,801

Cash and cash equivalents at end of
period $ 3,698 $ 2,650 $ 3,698 $ 2,650



Honeywell International Inc.
Reconciliation of Cash Provided by Operating Activities to Free Cash Flow,
Prior to U.S. Pension Cash Contributions (Unaudited)
(Dollars in millions)




Three Months Ended Twelve Months Ended
December 31, December 31,
2011 2010 2011 2010

Cash provided by operating
activities $ 1,477 $ 1,045 $ 2,833 $ 4,203

Expenditures for property,
plant and equipment (332) (300) (798) (651)

Free cash flow $ 1,145 $ 745 $ 2,035 $ 3,552


U.S. pension cash
contributions 250 600 1,650 600


Free cash flow, prior to U.S.
pension cash contributions $ 1,395 $ 1,345 $ 3,685 $ 4,152


We define free cash flow as cash provided by operating activities, less cash
expenditures for property, plant and equipment.

We believe that this metric is useful to investors and management as a measure
of cash generated by business operations that will be used to repay scheduled
debt maturities and can be used to invest in future growth through new
business development activities or acquisitions, and to pay dividends,
repurchase stock, or repay debt obligations prior to their maturities. This
metric can also be used to evaluate our ability to generate cash flow from
business operations and the impact that this cash flow has on our liquidity.



Contacts:
Media Investor Relations
Robert C. Ferris Elena Doom
(973) 455-3388 (973) 455-2222
rob.ferris@honeywell.com elena.doom@honeywell.com

SOURCE Honeywell








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