HONEYWELL INTERNATIONAL INC. 
MORRIS PLAINS, N.J., Jan. 29, 2016 /PRNewswire/ -- Honeywell (NYSE: HON) today announced results for the fourth quarter and full-year of 2015:
Total Honeywell
---------------
($ Millions, except
Earnings Per Share) FY 2014 FY 2015 Change
------- ------- ------
Sales 40,306 38,581 (4%)
Segment Margin 16.6% 18.8% 220 bps
Operating Income
Margin (Ex-Pension
MTM) 15.1% 17.9% 280 bps
Earnings Per Share
(Reported) $5.33 $6.04 13%
Earnings Per Share
(Ex-Pension MTM) $5.56 $6.10 10%
Cash Flow from
Operations 5,024 5,454 9%
Free Cash Flow (1) 3,930 4,381 11%
4Q 2014 4Q 2015 Change
------- ------- ------
Sales 10,266 9,982 (3%)
Segment Margin 15.9% 18.8% 290 bps
Operating Income
Margin (Ex-Pension
MTM) 14.5% 18.0% 350 bps
Earnings Per Share
(Reported) $1.20 $1.53 28%
Earnings Per Share
(Ex-Pension MTM) $1.43 $1.58 10%
Cash Flow from
Operations 1,762 1,959 11%
Free Cash Flow (1) 1,348 1,571 17%
(1) Cash Flow from Operations Less Capital Expenditures
*Throughout this press release, core organic sales growth refers to reported sales growth
less the impacts from foreign currency translation, M&A and raw materials pass-through
pricing in the Resins & Chemicals business of PMT. The raw materials pricing impact is
excluded in instances where raw materials costs are passed through to customers, which
drives fluctuations in selling prices not tied to volume growth. A reconciliation of core
organic sales growth to reported sales growth is provided in the attached financial
tables.
"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."
"We are planning conservatively in 2016 as we are expecting another year of slow global economic growth," continued Cote. "But, we remain confident in Honeywell's ability to outperform. We will support growth where there are opportunities to drive outperformance, be cautious in our sales planning, plan costs and spending conservatively, and continue to support the seed planting for new products, services, geographies, and process improvements that allow us to perform well now and in the future. We expect continued margin expansion and earnings outperformance in 2016 and over the long term, supported by our balanced portfolio, HOS Gold breakthrough goals, further penetration of High Growth Regions, and funded restructuring projects."
The company also reaffirms its full-year 2016 guidance.
2016 Full-Year Guidance
-----------------------
2016 Change
Current Guidance vs. 2015
---------------- --------
Sales $39.9B - $40.9B 3% - 6%
Core Organic Growth 1% - 2%
Segment Margin 18.9% - 19.3% 10 - 50 bps (2)
Operating Income
Margin (Ex-
Pension MTM) 18.0% - 18.4% 10 - 50 bps (3)
Earnings Per Share
(Ex-Pension MTM) $6.45 - $6.70 6% - 10%
Free Cash Flow (1) $4.6 - $4.8B 5% - 10%
1. Cash Flow from Operations Less Capital Expenditures
2. Segment Margin Ex-M&A Up 80 - 110 bps
3. Operating Margin Ex-M&A Up 80 - 110 bps
Full-year and fourth quarter 2015 results by business segment are provided below.
Segment Performance
-------------------
Aerospace
---------
($ Millions) FY 2014 FY 2015 % Change
------- ------- --------
Sales 15,598 15,237 (2%)
Segment Profit 2,915 3,218 10%
Segment Margin 18.7% 21.1% 240 bps
($ Millions) 4Q 2014 4Q 2015 % Change
------- ------- --------
Sales 3,842 3,983 4%
Segment Profit 663 856 29%
Segment Margin 17.3% 21.5% 420 bps
-- Sales for the fourth quarter were up 2% on a core organic basis, and
were up 4% reported driven by the $184 million OEM incentives incurred
in the fourth quarter of 2014 partially offset by the unfavorable impact
of foreign currency. Commercial OE sales were up 9% on a core organic
basis (45% reported) driven by strong Business and General Aviation
(BGA) engine shipments and higher shipments to large Air Transport and
Regional (ATR) OEMs. Commercial Aftermarket sales were up 3% on a core
organic basis (2% reported) driven by continued growth in repair and
overhaul activities. Defense & Space sales decreased (1%) on a core
organic basis (down 3% reported) driven by lower sales to the U.S.
government and a difficult prior year comparison in the international
business. Transportation Systems sales were up 1% on a core organic
basis driven by new platform launches and higher diesel and gas turbo
penetration on passenger vehicles, partially offset by lower commercial
vehicle production. TS sales were down (10%) reported due to the
unfavorable impact of foreign currency.
-- Segment profit for the fourth quarter was up 29% and segment margins
expanded 420 bps to 21.5%, driven by the fourth quarter 2014 OEM
incentives, productivity net of inflation, and commercial excellence,
partially offset by the margin impact of higher OE shipments and
continued investments for growth. Excluding the fourth quarter 2014 OEM
incentives, segment profit was up 1%, and segment margins expanded 50
basis points.
Automation and Control Solutions
--------------------------------
($ Millions) FY 2014 FY 2015 % Change
------- ------- --------
Sales 14,487 14,109 (3%)
Segment Profit 2,200 2,313 5%
Segment Margin 15.2% 16.4% 120 bps
($ Millions) 4Q 2014 4Q 2015 % Change
------- ------- --------
Sales 3,847 3,721 (3%)
Segment Profit 613 616 Flat
Segment Margin 15.9% 16.6% 70 bps
-- Sales for the fourth quarter were flat on a core organic basis and down
(3%) reported driven by the unfavorable impact of foreign currency.
Energy, Safety & Security (ESS) sales decreased (1%) on a core organic
basis (down 3% reported) driven primarily by a difficult prior year
comparison in Sensing & Productivity Solutions (S&PS), partially offset
by continued growth in Security and Fire (HSF) on a global basis.
Building Solutions & Distribution (BSD) sales increased 3% on a core
organic basis (down 3% reported) driven by continued strength in
Americas Distribution partially offset by slowing Building Solutions
backlog conversion.
-- Segment profit for the fourth quarter was flat and segment margins
expanded 70 bps to 16.6% driven by productivity net of inflation,
benefits of previously funded restructuring projects, and commercial
excellence, partially offset by continued investments for growth.
Performance Materials and Technologies
--------------------------------------
($ Millions) FY 2014 FY 2015 % Change
------- ------- --------
Sales 10,221 9,235 (10%)
Segment Profit 1,817 1,935 6%
Segment Margin 17.8% 21.0% 320 bps
($ Millions) 4Q 2014 4Q 2015 % Change
------- ------- --------
Sales 2,577 2,278 (12%)
Segment Profit 425 462 9%
Segment Margin 16.5% 20.3% 380 bps
-- Sales for the fourth quarter were down (4%) on a core organic basis and
down (12%) reported driven by the unfavorable impact of foreign currency
and lower raw materials pass-through pricing in Resins & Chemicals. The
decrease in core organic sales was primarily driven by lower UOP gas
processing, equipment and licensing sales, HPS field products weakness,
and lower volume in Resins & Chemicals, partially offset by higher UOP
catalyst shipments and higher volume in Fluorine Products.
-- Segment profit for the fourth quarter was up 9% and segment margins
increased 380 bps to 20.3%, driven by productivity net of inflation,
commercial excellence, and the favorable impact of raw materials
pass-through pricing in Resins & Chemicals (pricing model protects
profit dollars).
Honeywell will discuss its results during its investor conference call today starting at 9:30 a.m. EST. To participate on the conference call, please dial (877) 780-3381 (domestic) or (719) 325-2336 (international) approximately ten minutes before the 9:30 a.m. EST start. Please mention to the operator that you are dialing in for Honeywell's fourth quarter 2015 earnings call. The live webcast of the investor call as well as related presentation materials will be available through the "Investor Relations" section of the company's Website (www.honeywell.com/investor). Investors can hear a replay of the conference call from 12:30 p.m. EST, January 29, until 12:30 p.m. EST, February 5, by dialing (888) 203-1112 (domestic) or (719) 457-0820 (international). The access code is 4078904.
Honeywell (www.honeywell.com) is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes, and industry; turbochargers; and performance materials. For more news and information on Honeywell, please visit www.honeywellnow.com.
This release contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.
Honeywell International Inc
Consolidated Statement of Operations (Unaudited)
-----------------------------------------------
(Dollars in millions, except per share amounts)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------ ------------
2015 2014 2015 2014
---- ---- ---- ----
Product sales $7,960 $8,185 $30,695 $32,398
Service sales 2,022 2,081 7,886 7,908
----- ----- ----- -----
Net sales 9,982 10,266 38,581 40,306
----- ------ ------ ------
Costs, expenses and other
Cost of products sold (A) 5,649 6,203 21,775 23,889
Cost of services sold (A) 1,268 1,363 4,972 5,068
----- ----- ----- -----
6,917 7,566 26,747 28,957
Selling, general and administrative expenses (A) 1,332 1,460 5,006 5,518
Other (income) expense (4) (146) (68) (305)
Interest and other financial charges 84 82 310 318
--- --- --- ---
8,329 8,962 31,995 34,488
----- ----- ------ ------
Income before taxes 1,653 1,304 6,586 5,818
Tax expense 450 329 1,739 1,489
--- --- ----- -----
Net income 1,203 975 4,847 4,329
Less: Net income attributable to the noncontrolling interest 9 19 79 90
--- --- --- ---
Net income attributable to Honeywell $1,194 $956 $4,768 $4,239
====== ==== ====== ======
Earnings per share of common stock - basic $1.55 $1.22 $6.11 $5.40
===== ===== ===== =====
Earnings per share of common stock - assuming dilution $1.53 $1.20 $6.04 $5.33
===== ===== ===== =====
Weighted average number of shares outstanding - basic 771.8 783.8 779.8 784.4
===== ===== ===== =====
Weighted average number of shares outstanding - assuming dilution 780.8 794.1 789.3 795.2
===== ===== ===== =====
(A) Cost of products and services sold and selling, general and administrative expenses include amounts for repositioning and other charges, pension and other postretirement (income) expense, and stock compensation expense.
Below is a reconciliation of Earnings per share to Earnings per share, excluding mark-to-market pension expense. We believe this measure is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.
Three Months Ended Twelve Months Ended
December 31, December 31,
------------ ------------
2015 (1) 2014 (1) 2015 (1) 2014 (1)
------- ------- ------- -------
Earnings per share of common stock - assuming dilution $1.53 $1.20 $6.04 $5.33
Mark-to-market pension expense 0.05 0.23 0.06 0.23
----
Earnings per share of common stock - assuming dilution,
excluding mark-to-market pension expense $1.58 $1.43 $6.10 $5.56
=====
1- EPS utilizes weighted average shares outstanding and the effective tax rate for the period. Mark-to-market
uses a blended tax rate of 36.1% and 28.1% for 2015 and 2014.
Honeywell International Inc
Segment Data (Unaudited)
-----------------------
(Dollars in millions)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------ ------------
Net Sales 2015 2014 2015 2014
--------- ---- ---- ---- ----
Aerospace $3,983 $3,842 $15,237 $15,598
Automation and Control
Solutions 3,721 3,847 14,109 14,487
Performance Materials and
Technologies 2,278 2,577 9,235 10,221
Total $9,982 $10,266 $38,581 $40,306
Reconciliation of Segment Profit to Income Before Taxes
-------------------------------------------------------
Three Months Ended Twelve Months Ended
December 31, December 31,
------------ ------------
Segment Profit 2015 2014 2015 2014
-------------- ---- ---- ---- ----
Aerospace $856 $663 $3,218 $2,915
Automation and Control
Solutions 616 613 2,313 2,200
Performance Materials and
Technologies 462 425 1,935 1,817
Corporate (54) (69) (210) (236)
--- --- ---- ----
Total segment profit 1,880 1,632 7,256 6,696
Other (expense) income (A) (1) 137 38 269
Interest and other financial
charges (84) (82) (310) (318)
Stock compensation expense
(B) (43) (44) (175) (187)
Pension ongoing income (B) 131 67 430 254
Pension mark-to-market
expense (B) (67) (249) (67) (249)
Other postretirement expense
(B) (10) (12) (40) (49)
Repositioning and other
charges (B) (153) (145) (546) (598)
---- ---- ---- ----
Income before taxes $1,653 $1,304 $6,586 $5,818
====== ====== ====== ======
(A) Equity income (loss) of affiliated companies is included in segment profit.
(B) Amounts included in cost of products and services sold and selling, general and administrative expenses.
Honeywell International Inc
Consolidated Balance Sheet (Unaudited)
-------------------------------------
(Dollars in millions)
December 31, December 31,
2015 2014
---- ----
ASSETS
Current assets:
Cash and cash equivalents $5,455 $6,959
Accounts, notes and other receivables 8,075 7,960
Inventories 4,420 4,405
Deferred income taxes - 722
Investments and other current assets 2,103 2,145
----- -----
Total current assets 20,053 22,191
Investments and long-term receivables 517 465
Property, plant and equipment - net 5,789 5,383
Goodwill 15,895 12,788
Other intangible assets - net 4,577 2,208
Insurance recoveries for asbestos related
liabilities 426 454
Deferred income taxes 283 404
Other assets 1,776 1,558
----- -----
Total assets $49,316 $45,451
LIABILITIES AND SHAREOWNERS' EQUITY
Current liabilities:
Accounts payable $5,580 $5,365
Commercial paper and other short-term borrowings 5,937 1,698
Current maturities of long-term debt 577 939
Accrued liabilities 6,277 6,771
----- -----
Total current liabilities 18,371 14,773
Long-term debt 5,554 6,046
Deferred income taxes 558 236
Postretirement benefit obligations other than
pensions 526 911
Asbestos related liabilities 1,251 1,200
Other liabilities 4,348 4,282
Redeemable noncontrolling interest 290 219
Shareowners' equity 18,418 17,784
------ ------
Total liabilities, redeemable
noncontrolling interest and
shareowners' equity $49,316 $45,451
Honeywell International Inc
Consolidated Statement of Cash Flows (Unaudited)
-----------------------------------------------
(Dollars in millions)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------ ------------
2015 2014 2015 2014
---- ---- ---- ----
Cash flows from operating
activities:
Net income $1,203 $975 $4,847 $4,329
Less: Net income
attributable to the
noncontrolling interest 9 19 79 90
--- --- --- ---
Net income attributable to
Honeywell 1,194 956 4,768 4,239
Adjustments to reconcile net
income attributable to
Honeywell to net
cash provided by operating
activities:
Depreciation 169 168 672 667
Amortization 53 58 211 257
Loss on sale of non-
strategic businesses and
assets 2 - 1 11
Gain on sale of available
for sale investments - (116) - (221)
Repositioning and other
charges 153 145 546 598
Net payments for
repositioning and other
charges (208) (229) (537) (530)
Pension and other
postretirement (income)
expense (54) 194 (323) 44
Pension and other
postretirement benefit
payments (38) (44) (122) (167)
Stock compensation expense 43 44 175 187
Deferred income taxes 31 (123) 315 132
Excess tax benefits from
share based payment
arrangements (12) (31) (81) (102)
Other (98) (120) (8) (327)
Changes in assets and
liabilities, net of the
effects of
acquisitions and
divestitures:
Accounts, notes and other
receivables 159 357 211 (172)
Inventories 250 79 230 (200)
Other current assets 191 (61) 80 120
Accounts payable (4) 153 (17) 307
Accrued liabilities 128 332 (667) 181
Net cash provided by
operating activities 1,959 1,762 5,454 5,024
----- ----- ----- -----
Cash flows from investing
activities:
Expenditures for property,
plant and equipment (388) (414) (1,073) (1,094)
Proceeds from disposals of
property, plant and
equipment 12 6 15 18
Increase in investments (1,013) (935) (6,714) (4,074)
Decrease in investments 2,537 1,164 6,587 3,288
Cash paid for acquisitions,
net of cash acquired (5,043) - (5,228) (4)
Proceeds from sales of
businesses, net of fees
paid (2) 3 1 160
Other (33) (61) (102) (170)
Net cash used for investing
activities (3,930) (237) (6,514) (1,876)
------ ---- ------ ------
Cash flows from financing
activities:
Net increase (decrease) in
commercial paper and other
short-term borrowings 2,254 (236) 4,265 309
Proceeds from issuance of
common stock 36 59 186 265
Proceeds from issuance of
long-term debt 12 18 60 97
Payments of long-term debt (732) (2) (880) (609)
Excess tax benefits from
share based payment
arrangements 12 31 81 102
Repurchases of common stock (163) (235) (1,884) (924)
Cash dividends paid (465) (409) (1,726) (1,510)
Other - 5 - (2)
Net cash provided by (used
for) financing activities 954 (769) 102 (2,272)
--- ---- --- ------
Effect of foreign exchange
rate changes on cash and
cash equivalents (91) (225) (546) (339)
--- ---- ---- ----
Net (decrease) increase in
cash and cash equivalents (1,108) 531 (1,504) 537
Cash and cash equivalents at
beginning of period 6,563 6,428 6,959 6,422
Cash and cash equivalents at
end of period $5,455 $6,959 $5,455 $6,959
====== ====== ====== ======
Honeywell International Inc
Reconciliation of Cash Provided by Operating Activities to Free Cash Flow and Calculation of Free Cash Flow Conversion (Unaudited)
---------------------------------------------------------------------------------------------------------------------------------
(Dollars in millions)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------ ------------
2015 2014 2015 2014
---- ---- ---- ----
Cash provided by
operating
activities $1,959 $1,762 $5,454 $5,024
Expenditures for
property, plant
and equipment (388) (414) (1,073) (1,094)
---- ---- ------ ------
Free cash flow $1,571 $1,348 $4,381 $3,930
====== ====== ====== ======
Net income,
attributable to
Honeywell $1,194 $956 $4,768 $4,239
Pension mark-to-
market
adjustment, net
of tax (A) 43 179 43 179
--- --- --- ---
Net income,
attributable to
Honeywell,
excluding
pension mark-
to-market
adjustment $1,237 $1,135 $4,811 $4,418
====== ====== ====== ======
Cash provided by
operating
activities $1,959 $1,762 $5,454 $5,024
÷ Net income,
attributable to
Honeywell $1,194 $956 $4,768 $4,239
------ ---- ------ ------
Operating cash
flow conversion 164% 184% 114% 119%
=== === === ===
Free cash flow $1,571 $1,348 $4,381 $3,930
÷ Net income,
attributable to
Honeywell,
excluding
pension mark-
to-market
adjustment $1,237 $1,135 $4,811 $4,418
Free cash flow
conversion 127% 119% 91% 89%
=== === === ===
(A) Mark-to-market uses a blended tax rate of 36.1% and 28.1% for 2015 and 2014.
We define free cash flow as cash provided by operating activities less cash expenditures for property, plant and equipment.
We define free cash flow conversion as free cash flow divided by net income, attributable to Honeywell, excluding pension mark-to-market adjustment.
We believe that this metric is useful to investors and management as a measure of cash generated by business operations that will be used to repay scheduled debt maturities and can be used
to invest in future growth through new business development activities or acquisitions, and to pay dividends, repurchase stock, or repay debt obligations prior to their maturities. This
metric can also be used to evaluate our ability to generate cash flow from business operations and the impact that this cash flow has on our liquidity.
Honeywell International Inc
Reconciliation of Segment Profit to Operating Income and Calculation of Segment Profit and Operating Income Margins (Unaudited)
------------------------------------------------------------------------------------------------------------------------------
(Dollars in millions)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------ ------------
2015 2014 2015 2014
---- ---- ---- ----
Segment Profit $1,880 $1,632 $7,256 $6,696
Stock compensation expense (A) (43) (44) (175) (187)
Repositioning and other (A, B) (158) (154) (576) (634)
Pension ongoing income (A) 131 67 430 254
Pension mark-to-market
adjustment (A) (67) (249) (67) (249)
Other postretirement expense
(A) (10) (12) (40) (49)
--- --- --- ---
Operating Income $1,733 $1,240 $6,828 $5,831
Pension mark-to-market
adjustment (A) (67) (249) (67) (249)
--- ---- --- ----
Operating Income excluding
pension mark-to-market
adjustment $1,800 $1,489 $6,895 $6,080
Segment Profit $1,880 $1,632 $7,256 $6,696
÷ Sales $9,982 $10,266 $38,581 $40,306
Segment Profit Margin % 18.8% 15.9% 18.8% 16.6%
==== ==== ==== ====
Operating Income $1,733 $1,240 $6,828 $5,831
÷ Sales $9,982 $10,266 $38,581 $40,306
Operating Income Margin % 17.4% 12.1% 17.7% 14.5%
==== ==== ==== ====
Operating Income excluding
pension mark-to-market
adjustment $1,800 $1,489 $6,895 $6,080
÷ Sales $9,982 $10,266 $38,581 $40,306
Operating Income Margin
excluding pension mark-to-
market adjustment % 18.0% 14.5% 17.9% 15.1%
==== ==== ==== ====
(A) Included in cost of products and services sold and selling, general and administrative expenses.
(B) Includes repositioning, asbestos, environmental expenses and equity income adjustment.
We believe these measures are useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.
Honeywell International Inc
Reconciliation of Core Organic Sales Growth (Unaudited)
------------------------------------------------------
Three Months Ended Twelve Months Ended
December 31, December 31,
------------ ------------
2015 2015
---- ----
Honeywell
Reported sales
growth (3%) (4%)
Foreign currency
translation,
acquisitions,
divestitures
and other 2% 4%
Raw materials
pricing in R&C 1% 1%
Core organic
sales growth 0% 1%
=== ===
PMT
Reported sales
growth (12%) (10%)
Foreign currency
translation,
acquisitions,
divestitures
and other 4% 4%
Raw materials
pricing in R&C 4% 5%
Core organic
sales growth (4%) (1%)
=== ===
Throughout this press release, core organic sales growth refers to reported sales
growth less the impacts from foreign currency translation, M&A and raw materials
pass-through pricing in the Resins & Chemicals business of PMT. The raw
materials pricing impact is excluded in instances where raw materials costs are
passed through to customers, which drives fluctuations in selling prices not tied
to volume growth.
We believe core organic sales growth is a measure that is useful to investors and
management in understanding our ongoing operations and in analysis of ongoing
operating trends.
Contacts:
Media Investor Relations
Robert C. Ferris Mark Macaluso
(973) 455-3388 (973) 455-2222
rob.ferris@honeywell.com mark.macaluso@honeywell.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/honeywell-reports-full-year-2015-sales-of-386-billion-earnings-up-10-to-610-300212071.html
SOURCE Honeywell
