Honeywell Reports Second Quarter 2015 Sales of $9.8 Billion; EPS of $1.51 Per Share; Raising 2015 EPS Guidance
July 17, 2015
Honeywell announced its results for the second quarter of 2015 with sales of $9.8 billion and earnings per share (EPS) of $1.51. Core organic sales grew 3% driven by Commercial Aerospace, Energy, Safety, and Security (ESS), Advanced Materials and segment margin improved 170 bps to 18.4%.
The company also announced it is raising its 2015 EPS guidance range to $6.05 - $6.15, up 9%-11% from previous guidance.
“Honeywell had a terrific second quarter capping off a strong first half of 2015,” said Honeywell Chairman and CEO Dave Cote. “We delivered 3% core organic sales growth and had another quarter of double-digit earnings growth when normalized for tax. We saw growth acceleration in both the short- and long-cycle businesses within Aerospace, continued growth in our commercial and industrial businesses within ACS, and higher volume across our Advanced Materials portfolio, particularly in Fluorine Products. We saw margin expansion in each segment, with a significant portion from gross margin, as our new products, process focus, disciplined cost management, and restructuring continue to distinguish Honeywell’s performance.”
“We remain committed to seed planting and process improvements throughout our portfolio. Once again we proactively funded repositioning actions that will improve our cost position and drive the efficiencies necessary for winning in a slow growth global economy. Our great first half performance gives us confidence to again raise the low end of our full-year EPS guidance range by $0.05 to $6.05-$6.15, and we remain committed to our full-year core organic sales growth and free cash flow estimates. We believe that our balanced portfolio of short- and long-cycle businesses, penetration in High Growth Regions, and the deployment of our key process initiatives will continue to drive results this year and over the long term,” he said.