Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

http://www.businessweek.com/news/2013-12-13/honeywell-sets-5-billion-buyback-plan-as-2011-program-nears-end

Bloomberg News

Honeywell Sets $5 Billion Buyback as 2011 Program Nears End (1)

December 13, 2013

Honeywell International CEO David Cote

“Honeywell has substantially completed the $3 billion share repurchase program authorized by the board in 2011,” Chief Executive Officer Dave Cote said today in a statement. Photographer: Daniel Acker/Bloomberg

Honeywell International Inc. (HON:US), the manufacturer whose products range from aviation controls to solvents, authorized the repurchase of as much as $5 billion in stock as a 2011 buyback plan nears its end.

“Honeywell has substantially completed the $3 billion share repurchase program authorized by the board in 2011,” Chief Executive Officer Dave Cotesaid today in a statement. The new program “demonstrates continued confidence in our long-term growth outlook.”

The company didn’t give a timeline for any buybacks, saying only that it “would repurchase outstanding shares from time to time” using cash flow from operations. Honeywell has 784.7 million shares outstanding and had a market value of $67.7 billion at yesterday’s close, data compiled by Bloomberg show.

Honeywell is bracing for slower sales growth in 2014 amid lower demand for defense products. The shares of the Morris Township, New Jersey-based company have surged 36 percent this year, topping the 31 percent gain for the Standard & 500 Poor’s 500 Industrials Index.

Honeywell rose 0.4 percent to $86.61 at the close in New York, snapping a streak of four daily declines.

To contact the reporter on this story: Ed Dufner in Dallas at edufner@bloomberg.net

To contact the editor responsible for this story: Ed Dufner at edufner@bloomberg.net


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus