Honeywell Q3 sales up 14% to $9.3 billion
“Despite signals of slower economic growth, we expect positive organic growth to continue the rest of this year and into 2012,” concluded Cote. “The repositioning actions we took in the third quarter, funded by non-operational gains, better position our businesses for 2012 and beyond. These repositioning tailwinds, combined with our great positions in good industries, execution track record, and disciplined playbook, will be keys to our continued outperformance.”
Automation and Control Solutions
• Sales were up 14%, compared with the third quarter of 2010, with 6% growth from acquisitions net of divestitures, 4% impact from favorable foreign exchange and 4% organic growth due to higher Products volumes and Solutions sales. ACS continues to benefit from new product introductions, emerging region expansion, and favorable macro trends such as safety, security, and energy efficiency.
• Segment profit was up 15% and segment margins increased 20 bps to 13.8% driven by higher volumes and project sales, partially offset by inflation and investment for growth across the portfolio.
• Building Solutions was awarded a $20.5 million contract at Heathrow Airport’s new Terminal 2 in London to provide an integrated fire safety, public address, and voice alarm system that will help ensure the more than 20 million passengers expected to pass through the terminal have a safe and comfortable travel experience.
• Process Solutions was awarded a $2.5 million contract by PetroChina Company Limited in Dalian, China for an integrated process control system in a liquid natural gas (LNG) facility. The contract expands Honeywell’s position in the highly competitive LNG marketplace in China. Honeywell will provide its Experion Process Knowledge System (PKS), Safety Instrumented Systems, Operator Training Systems, and fire and gas solutions to fully automate the facility, optimize the maintenance and testing of process safety instruments, and improve overall reliability. The facility will store six million tons of LNG and supply 8.4 billion cubic meters annually.
• Honeywell Life Safety was selected by the Department of Fire & Rescue in Prince William County, Virginia to provide personal protective equipment for 600 fire fighters and more than 1,000 volunteers. The five-year deal valued at up to $3 million includes Morning Pride coats, pants, rubber boots, and hoods, as well as a cleaning and care contract. Life Safety was also selected by Landis+Gyr to provide up to 4,000 Honeywell Optima Plus gas detectors, valued at a potential $4 million, for the 2014 World Cup and the 2016 Olympics in Rio de Janeiro, Brazil.