Honeywell announced first quarter 2009 sales of $7.6 billion versus $8.9 billion in 2008. 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 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.
Aerospace sales were down 9%, compared with the first quarter of 2008, resulting from lower volumes in Commercial Aerospace and the unfavorable impact of divestitures partially offset by growth in Defense and Space.
segment profit declined 13% and segment margin decreased by 90 bps to 17.7%, due to lower sales volumes partially offset by increased net productivity.
