霍尼韦尔Honeywell International Inc. (HON) 2014年年度报告「NYSE」.pdf

1、A N N U A L R E P O R T2 0 1 4PPD PDF Edits2/23Shareowner Letter2015We had another very good performance in another“weakish”year in the global economy.There has been a string of them.We grew sales 4%to$40.5 billion and grew earnings pershare 12%to$5.56.*The dividend was raised 15%to$2.07 per share.A

2、nd importantly,wecontinued seed planting for new products,services,geographies,technologies,and processimprovements.In addition to doing well,we also invested to ensure we have a good future.Initial Five Year PlanWe completed the last year of our initial five-year plan established in March 2010 with

3、flying colors.SalesMarginRate20092014*Actual 2014 Target20092014*Actual 2014 Target$30.0$40.5$41-4513.3%16-18%17.0%Despite a tougher environment than expected,we about touched the low end of thesales number(and would have if we hadnt sold Friction Materials,which was a smart thing todo)and we were w

4、ell within the margin rate range forecasted five years ago.Not bad givenhow many proclaimed the original plan“ambitious and aspirational,so what do you reallythink you will do?”That success led us to development of our next five year plan promising double digitearnings growth over the next five year

5、s.Our commitment at the March 5,2014 Investor Dayis shown below.SalesSegment Margin Rate$39.1$40.5$46-5120132014*2018 Target20132014*2018 Target16.3%17.0%18.5-20%*Sales,V%exclude 4Q14$184M OEM Incentives;EPS,V%exclude pension mark-to-market adjustmentWe also committed to growing our dividend faster

6、than earnings(increasing the payoutratio).Additionally,we said we have a growing cash position we could deploy to get anadditional$1.00 of earnings per share in 2018.And,we assumed a continued“weakish”butgrowing global economy.A pretty darned good commitment overall.2015As we embark on the first yea