Honeywell announced 2002 full-year revenues of U.S. $22.3 billion, down 6 percent from $23.7 billion in 2001, Honeywell said this results primarily from declines in its commercial aerospace units as well as the divestiture of its Commercial Vehicle Braking Systems business. Revenues increased in the Defense & Space, Security & Fire Solutions, Turbochargers, and Electronic Materials units. Segment profit margins were 11.3 percent, down from 11.6 percent in 2001.
In 2002, Honeywell generated a record $2.0 billion in free cash flow, up 40 percent from $1.4 billion a year ago. The company delivered $1.2 billion in cost productivity.
Honeywell is a diversified technology and manufacturing leader, including control technologies for buildings, homes, and industry; specialty chemicals; fibers; and electronic and advanced materials. Honeywell is based in Morris Township, N.J, U.S.
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