Honeywell says it expects its 2004 earnings per share to range from U.S. $1.40 to $1.55. The 2004 outlook anticipates that improved performance in all four of Honeywell's operating segments will be more than offset by a $0.30 per share increase in pension expense and other post-employment benefits.
The company also forecasted fourth-quarter earnings of $0.47 per share, in line with prior guidance and consensus, bringing full-year 2003 earnings per share to $1.54.
The company expects 2003 cash flow from operations and free cash flow to reach approximately $2.1 billion and $1.5 billion, respectively, including an expected voluntary pension contribution of up to $500 million in the fourth quarter.
"The company continues to perform well, delivering solid earnings and cash flow while also investing in growth initiatives," Honeywell CFO Dave Anderson said in a written statement. "We have good momentum going into 2004, and while there are some limited signs of improvement in our end markets, we are not dependent on significant economic improvement to meet our guidance."
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