霍尼韦尔Honeywell International Inc. (HON) 2013年年度报告「NYSE」.pdf

1、A N N U A L R E P O R T2 0 1 3SHAREOWNER LETTER2014March 1,2014We had very good performance in another“weakish”year in the global economy.Wewere able to grow sales 4%to$39.1 billion and earnings per share*by 11%to$4.97.Oursegment margin rate grew 70 basis points to 16.3%and free cash flow*grew to$3.

2、8 billion,a96%conversion rate.*As usual,we also took the opportunity to continue our seedplantingproducts,technologies,restructuring,geographies,services,processes,newcapacityto ensure that growth continues far into the future.Five-Year PlanThe year 2014 is the last in the five-year plan(2010-2014)H

3、oneywell introduced inMarch 2010.Despite economic and foreign exchange headwinds versus what we assumedthen,weve performed quite well as you can see from the chart below.$30.0$39.1$41.0-45.0$40.3-40.7200920132014E2014 TargetSales($B)13.3%16.3%16.0-18.0%16.6-16.9%200920132014E2014 TargetSegment Margi

4、n RateWe estimate that those headwinds versus our original macro assumptions cost us about$3 billion in sales over the 2010-2014 period.Even with those headwinds,we expect toalmost touch the bottom of the targeted sales range growing sales 6%annually and expect tobe around the midpoint of the margin

5、 rate range(a margin rate increase of approximately 350basis points).While there was a lot of skepticism in 2010 about our five-year plan,our performancehas generated a lot of interest in the next five-year plan covering 2014-2018.We will beintroducing it at Investor Day on March 5.Our intent,of cou

6、rse,is to continue outperformingour peers,and we look forward to discussing it with you.Business ModelThat outperformance will continue through the application of our Business Modelagreat portfolio of businesses,a focus on internal processes,and a culture that learns,evolves,and performs.With the re