霍尼韦尔Honeywell International Inc. (HON) 2010年年度报告「NYSE」.pdf

1、A N N U A L R E P O R T2 0 1 0TO OUR SHAREOWNERSThis letter was a lot more fun to write than last years letter.We were proud last year of our ability to perform in the recession better than our peersand a lot better than we did in the previous recession.But it sure is more rewarding toperform in a r

2、ecovery than it is in a recession.That performance,through the recession andthe first year of recovery,resulted in our stock price being up 36%in 2010 when the S&P 500was up 13%.We are going to keep doing what we have been doing because its working.throughrecession and recovery.Having the right stra

3、tegy from the beginning,and executing it day-by-day,quarter-by-quarter,gets you to amazing places in five years.At every step of the way wedo the“seed planting”that allows us to perform well not just this quarter,but also this quarternext year,and this quarter three years from now.It does make a dif

4、ference.GREAT POSITIONS IN GOOD INDUSTRIES,ONE HONEYWELL,AND OUR FIVEINITIATIVESThese will continue to be our mantra.Great Positions in Good Industries is a simple butpowerful concept.A Good Industry provides a tailwind for growth.It allows you to try newthings,its more tolerant of the occasional er

5、ror.A Great Position allows you to gain sharebecause you have critical mass in research and development,feet-on-the-street,and in theback office.Gaining share in growing industries allows sales to expand 6-8%per year.Withthat sales growth,controlling growth in fixed costs to a lower rate quickly res

6、ults in double-digit increases in earnings and cash flow.Overall,a simple concept.yet powerful in itsexecution.One Honeywell has done a lot to transform our company.There is no substitute forcreating the glue that causes people to want to work together.across businesses,acrossfunctions,and across co