Honeywell sees $7.6B in first quarter sales

MORRIS TOWNSHIP, N.J. , April 24 /PRNewswire-FirstCall/ -- Honeywell today announced first quarter 2009 sales of $7.6 billion versus $8.9 billion in 2008. Earnings were $0.54 per share, versus $0.85 per share in the prior year. Cash flow from operations was $341 million versus $721 million in the first quarter of 2008 and free cash flow (cash flow from operations less capital expenditures) was $232 million, compared to $571 million last year.

"Honeywell delivered first quarter results that were in line with our expectations," said Honeywell Chairman and CEO Dave Cote . "While we anticipated a difficult first half of 2009, slow global economic conditions continue and we are adjusting our outlook accordingly."

"The seed planting that we've done over the past several years, combined with the benefits from our global productivity initiatives, are helping in this tough economic environment," concluded Cote. "Honeywell is a stronger and more flexible company today that can perform in both good times and bad. We continue to invest in new technology, geographic expansion, and process improvements, and will emerge from this downturn an even more efficient and productive growth company."

Honeywell expects full-year sales of $32.3 - 33.2 billion, earnings per share of $2.85 - 3.20, and free cash flow conversion greater than 100% of net income.