霍尼韦尔Honeywell International Inc. (HON) 1998年年度报告「NYSE」.pdf

1、H o n e y w e l l I n c.1 9 9 8 A n n u a l R e p o r t1Key 1998 HighlightsLetter to ShareownersHoneywells FocusManagementsDiscussion and Analysis(MD&A)SegmentsSelected Financial DataMD&A OperationsMD&A Financial PositionFinancial Statements and NotesManagement andFacilitiesBoard of Directors andCor

2、porate OfficersHoneywell at a GlanceShareowner InformationHoneywell is the worlds leading provider of control technologies forbuildings,homes,industry,space and aviation.The company employs57,000 people in 95 countries.$495MFree Cash Flow+5%Sales Growth+23%EPS Growth$165MEconomic Value AddedMichael

3、R.Bonsignore(left)Chairman of the Board and Chief Executive OfficerGiannantonio Ferrari(right)President and Chief Operating OfficerFinancial Highlights14202630334058596063Table of ContentsH o n e y w e l l I n c.1 9 9 8 A n n u a l R e p o r tTo Our Shareowners:Iam pleased to report that Honeywell d

4、elivered strongbottom line results in 1998 while creating increased valuefor our shareowners.We finished the year with our 16thconsecutive quarter of double-digit earnings growth.Wesurpassed$1 billion of operating earnings for the first timein the companys history.Net income rose 21 percent to$572 m

5、illion,or$4.48 per diluted share,including 6 percentfrom an accounting change.Revenue increased 5 percent to$8.43 billion.Operating margins continued to expand in allthree of our business segments,while total company marginsincreased to 12.2 percent.We generated$495 million of freecash flow,well in

6、excess of our$400 million target,largelythe result of a company-wide focus on cash generation.Our bottom line results for the year were impressive.But we were not satisfied with the top line,since our objec-tive has been to grow about 10 percent per year compounded.Orders and sales growth rates were