Honeywell announced first quarter 2010 sales were up 3% to $7.8 billion versus $7.6 billion in 2009. Excluding non-cash pension expense, earnings were up 21%. Cash flow from operations was $743 million versus $341 million in the first quarter of 2009 and free cash flow (cash flow from operations less capital expenditures) was up 190% to $673 million compared to $232 million last year.
Aerospace sales were down 9% compared with the first quarter of 2009, primarily due to lower original equipment sales to regional and business aviation customers and lower airline aftermarket sales, partially offset by growth in defense sales and logistics services.
Segment profit was down 15% and segment margin decreased 120 bps to 16.5%, primarily due to volume declines, partially offset by cost savings initiatives and benefits from prior repositioning actions.
