霍尼韦尔Honeywell International Inc. (HON) 2018年年度报告「NYSE」.pdf

1、2 0 1 8A N N U A LR E P O R T2018 Shareowners LetterOur 2018 financial performance was excellent with 6%organic sales growth,60 basis points ofmargin expansion,22%growth in adjusted free cash flow,and 100%adjusted free cash flowconversion.In addition,we flawlessly executed two very complex spins,res

2、ulting in the launch of twooutstanding companies in Garrett and Resideo.Despite these achievements,our total shareownerreturn(TSR)was-8%due to the late-year volatility we saw in the stock market.It never feels good tosee negative returns,although we substantially outperformed our multi-industry peer

3、s(-25%TSR)andthe Industrial Select Sector SPDR ETF(XLI)(-13%TSR).Our performance in 2018 demonstrated thatyou can continue to depend on Honeywell to deliver regardless of how the broader market performs.The graphic below shows that Honeywell outperformed the XLI during 9 of the past 10 years,often b

4、ysubstantial amounts.If you are looking for results that beat the market on a consistent basis,Honeywellis a great place to invest!TSR Delta Between HON and XLI Performance2%12%6%5%6%1%10%-5%11%5%09101112131415161718Update on Three Priorities from the 2017 Shareowners LetterIn last years letter,I ta

5、lked about three priorities for 2018:1.Drive free cash flow and cash conversion2.Build a software/sensor strategy into everything we develop3.Take even bolder bets in our new product developmentFree cash flow and cash conversion is a strong story for Honeywell.We have driven the focuson the balance

6、sheet with clear accountability throughout the organization,which led to enhanced cashgeneration in 2018 including 100%adjusted free cash conversion as shown in the table on the nextpage.While I am proud of what we have accomplished to date,we still have substantial opportunity inthis area and will