霍尼韦尔Honeywell International Inc. (HON) 2008年年度报告「NYSE」.pdf

1、2 0 0 8 A N N U A L R E P O R TWell what an“interesting”year 2008 was and certainly“interesting”seems to apply to2009 also.For the year,we again had terrific financialperformance even in a difficult economy,with salesup 6%to$36.6 billion;earnings per share up 19%to$3.76;free cash flow of$3.1 billion

2、,excludingcash taxes relating to the sale of the ConsumablesSolutions(CS)business,yielding a conversion rateof 110%on net income;and our fifth consecutive10%annual dividend increase.We made greatprogress on all our process initiatives,divested the CS business at a great price,had terrific contract w

3、ins further bolstering our future,andacquired a wonderful position in the rapidly growing personal protective equipment space.The reward a 47%drop in the stock price incredible.Interestingly,at the same time the stockdeclined,our bonds traded strongly and we issuedcommercial paper at extremely attra

4、ctive rates.So why the dichotomy?Some investors lookat our impressive six-year track record;sales up58%(10%annually),earnings per share up 151%(20%annually),free cash flow doubled,excludingthe CS taxes(after dividends up 152%)andbelieve that we can continue to outperform evenduring tougher economic

5、conditions.Conversely,other investors look at our performance during thelast recession(1999-2002)and are concernedthat,regardless of the last six years,it will happenagain during these difficult times.Back then on a6%sales decrease,we laid off 30,000 people andactually lost money two years in a row.

6、But that was a different time.Three companies(Honeywell,AlliedSignal,and Pittway)had been brought together and had not been integrated financially or culturally and the problems of each were magnified rather than subdued.Thats changed.And were a different company.Thechanges are significant in our po