Honeywell Int'l Inc. (HON) Guides FY15 EPS of $5.95 - $6.15, In-Line with Views

4Q14 Guidance

BEAV Gain/

Previous Guidance

OEM Incentives

Revised Guidance

Sales

$10.3 - $10.4B

~($184M)

$10.1 - $10.2B

Reported Growth

~Flat

~(2%)

Organic Growth

~3%

~3%

Segment Profit

$1.7 - $1.8B

~($184M)

~$1.6B

Segment Margin

~17.3%

~15.9%

Operating Income Margin1

~16.3%

~14.7%

Below The Line

BEAV Share Sale

-

~$116M

~$116M

Tax Benefit

-

~$68M

~$68M

Earnings Per Share1

$1.37 - $1.42

-

$1.37 - $1.42

1. Proforma, V% / BPS Exclude Any Pension Mark-to-Market Adjustment

FY14 Guidance

BEAV Gain/

Previous Guidance

OEM Incentives

Revised Guidance

Sales

$40.3 - $40.4B

~($184M)

$40.1 - $40.2B

Reported Growth

3% - 4%

~3%

Organic Growth

~3%

~3%

Segment Profit

$6.8 - $6.9B

~($184M)

~$6.7B

Segment Margin

~17.0%

~16.6%

Operating Income Margin1

~15.6%

~15.1%

Below The Line

BEAV Share Sale

-

~$116M

~$116M

Tax Benefit

-

~$68M

~$68M

Earnings Per Share1

$5.50 - $5.55

-

$5.50 - $5.55

1. Proforma, V% / BPS Exclude Any Pension Mark-to-Market Adjustment

2015 Guidance

2014

2015

Change

Guidance

Guidance

vs. 2014

Sales

$40.1 - $40.2B

$40.5 - $41.1B

1% - 2%

Organic Growth

~4%

Segment Margin

~16.6%

17.6% - 17.9%

100 - 130 bps3

Operating Income Margin1

~15.1%

16.7% - 17.0%

160 - 190 bps3

Earnings Per Share1

$5.50 - $5.55

$5.95 - $6.15

8% - 12%

Free Cash Flow2

~$3.9

$4.2 - $4.3B

8% - 10%

1. Proforma, V% / BPS Exclude Any Pension Mark-to-Market Adjustment

2. Free Cash Flow (Cash Flow from Operations Less Capital Expenditures)

3. Segment Margin ex-OEM Incentives up 60 - 90 bps; Operating Margin ex-OEM Incentives up 110 - 140 bps