霍尼韦尔Honeywell International Inc. (HON) 2019年年度报告「NYSE」.pdf

1、2 0 1 9 A N N U A L R E P O R T2019 Shareowners LetterThe year 2019 was momentous,marking our first full year as a newly streamlined companyfollowing our spin-offs of the Transportation Systems and Homes and Global Distribution businesses in2018.We are now focused on six key industrial end markets t

2、hat are aligned to global mega trends.Weare excited about our unique ability to generate tremendous value for customers across these markets,leveraging our deep domain expertise and advanced software capabilities.Last year also saw several geopolitical twists and turns,including trade conflicts,regi

3、onal instability,and a short-cycle industrial recession.We correctly anticipated some level of softening in our marketsduring the second half of the year.Throughout the challenges,Honeywell maintained its disciplinedfocus on serving customers,exceeding the performance commitments we made at the begi

4、nning of theyear,and performing for key stakeholders our shareowners,communities,customers,and employees.Initial GuidanceActualPerformanceAdjusted EPS.$7.80-$8.10$8.16Organic Sales Growth.Up 2-5%Up 5%Margin Expansion.Up 110-140 bpsUp 150 bpsAdjusted Free Cash Flow(FCF).$5.4B-$6.0B$6.3BAdjusted FCF C

5、onversion.95%-100%105%ShareownersWe have now extended our streak of beating the Industrial Select Sector Fund(XLI)for 10 of thepast 11 years,with the only exception being 2016.Last year,we beat the index by 8%.Outperformance/(Underperformance)Versus XLI Benchmark2009201020112012201320142015201620172

6、01820192%1%12%6%5%6%10%(-5%)11%5%8%In addition,our 1-year performance exceeded the XLI and S&P 500,and our 3-and 5-yearperformance exceeded both benchmarks and our multi-industry peer median by sizable amounts.Outperformance Versus Multiple Benchmarks:1-,3-and 5-Year Time Periods44%46%45%29%39%59%31