Shares of Honeywell International Inc. (NYSE: HON) were trading higher by 1.9 percent at $99.80 heading into Friday's opening bell after the company reported its fourth quarter results.
Honeywell International earned $1.58 per share on revenue of $9.98 billion - matching Wall Street's guidance on both the top and bottom line.
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By segment, Aerospace sales rose 4 percent to $3.983 billion from a year ago, Automation and Control Solutions sales fell 3 percent to $3.721 billion and Performance Materials and Technologies sales fell 12 percent to $2.278 billion.
"Honeywell delivered a strong fourth quarter, capping off another year of robust margin expansion, earnings growth, and cash flow," said Honeywell Chairman and CEO Dave Cote. "We grew earnings 10% in a tough environment, representing our sixth consecutive year of double-digit earnings growth. Segment margins grew by 220 basis points driven by strong execution across the portfolio and our key process initiatives, including HOS Gold. Free Cash Flow for the full year increased 11% to $4.4 billion, which exceeded the high-end of our guidance range and included over 125% conversion in the fourth quarter.
"We committed to more than $6 billion in acquisitions in 2015 to bolster our Great Positions in Good Industries, reinvested $1.1 billion in our businesses through high-return capital expenditure projects, and returned more than $3.5 billion to our shareowners, including a 15% increase in our dividend. We also funded more than $160 million in new restructuring projects, including $60 million in the fourth quarter, which will put us in an even stronger position for the future."
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