Agreement includes collaborative research and development centered on Honeywell Anthem avionics, selection of more powerful engines, and next-generation satellite communications technologies for Bombardier aircraft Aftermarket offerings and new technologies provide Honeywell revenue potential of up to $17 billion over life of agreement All legacy pending litigation between the companies has been resolved CHARLOTTE, N.C. , Dec. 2, 2024 /PRNewswire/ -- Honeywell (NASDAQ: HON ) announced the signing of a strategic agreement with Bombardier, a global leader in aviation and manufacturer of world-class business jets, to provide advanced technology for current and future Bombardier aircraft in avionics, propulsion and satellite communications technologies. The collaboration will advance new technology to enable a host of high-value upgrades for the installed Bombardier operator base, as well as lay innovative foundations for future aircraft. Honeywell estimates the value of this partnership to the company at $17 billion over its life. "This is a tremendous opportunity to co-innovate and advance next generation technologies, including Anthem avionics and engines," said Vimal Kapur , Chairman and CEO of Honeywell. "Growing our long-term collaborative relationship with Bombardier is directly connected to Honeywell's focus on compelling megatrends -- automation, the future of aviation, and energy transition." "This new partnership creates unprecedented opportunities for Bombardier," said Eric Martel , President and Chief Executive Officer of Bombardier. "Honeywell's differentiated technology is the key reason we decided to collaboratively build a bright future with them." Honeywell and Bombardier will collaborate on the development of Honeywell avionics to provide unparalleled adaptability to specific mission requirements, enabling exceptional situational awareness and enhanced safety. In addition, the collaboration's propulsion-based workstreams will focus on evolutions of power, reliability and maintainability, led by the next-generation model of Honeywell's HTF7K engine. "Working together, we will generate significant value for Bombardier's operator base by providing the latest technologies to enable safe and efficient flight," said Jim Currier , President and CEO of Honeywell Aerospace Technologies. "We are committed to investing in these key technologies with Bombardier, which will not only drive substantial growth for Honeywell, but lead the industry further into the future of aviation." As part of the partnership, Bombardier and Honeywell will work together to certify and offer JetWave X for the Bombardier Global and Challenger families of aircraft for both new production and aftermarket installations. Bombardier will also have access to Honeywell's full suite of next generation L-Band satellite communications products and antennas that will provide future safety services capabilities. Additionally, all legacy pending litigation between the companies has been resolved. Honeywell Updates 2024 Outlook While the commercial agreement impacts near-term Honeywell financials, the company is confident it will lead to long-term value creation for Honeywell shareowners. Given the required investments associated with this agreement, Honeywell has updated its full-year sales, segment margin 2 , adjusted earnings per share 2,3 , and free cash flow guidance 1 . A summary is provided in the table below. Bombardier, Global and Challenger are trademarks of Bombardier Inc. or its subsidiaries. Honeywell is an integrated operating company serving a broad range of industries and geographies around the world. Our business is aligned with three powerful megatrends - automation, the future of aviation, and energy transition - underpinned by our Honeywell Accelerator operating system and Honeywell Connected Enterprise integrated software platform. As a trusted partner, we help organizations solve the world's toughest, most complex challenges, providing actionable solutions and innovations that help make the world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom . Honeywell uses our Investor Relations website, www.honeywell.com/investor , as a means of disclosing information which may be of interest or material to our investors and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our Investor Relations website, in addition to following our press releases, SEC filings, public conference calls, webcasts, and social media. We describe many of the trends and other factors that drive our business and future results in this release. Such discussions contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). Forward-looking statements are those that address activities, events, or developments that management intends, expects, projects, believes, or anticipates will or may occur in the future and include statements related to the proposed spin-off of the Company's Advanced Materials business into a stand-alone, publicly traded company. They are based on management's assumptions and assessments in light of past experience and trends, current economic and industry conditions, expected future developments, and other relevant factors, many of which are difficult to predict and outside of our control. They are not guarantees of future performance, and actual results, developments, and business decisions may differ significantly from those envisaged by our forward-looking statements. We do not undertake to update or revise any of our forward-looking statements, except as required by applicable securities law. Our forward-looking statements are also subject to material risks and uncertainties, including ongoing macroeconomic and geopolitical risks, such as lower GDP growth or recession, supply chain disruptions, capital markets volatility, inflation, and certain regional conflicts, that can affect our performance in both the near- and long-term. In addition, no assurance can be given that any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this release can or will be achieved. These forward-looking statements should be considered in light of the information included in this release, our Form 10-K, and our other filings with the Securities and Exchange Commission. Any forward-looking plans described herein are not final and may be modified or abandoned at any time. This release contains financial measures presented on a non-GAAP basis. Honeywell's non-GAAP financial measures used in this release are as follows: Segment profit, on an overall Honeywell basis; Segment profit margin, on an overall Honeywell basis; Organic sales growth; Free cash flow; and Adjusted earnings per share. Management believes that, when considered together with reported amounts, these measures are useful to investors and management in understanding our ongoing operations and in the analysis of ongoing operating trends. These measures should be considered in addition to, and not as replacements for, the most comparable GAAP measure. Certain measures presented on a non-GAAP basis represent the impact of adjusting items net of tax. The tax-effect for adjusting items is determined individually and on a case-by-case basis. Refer to the Appendix attached to this release for reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures. Appendix Non-GAAP Financial Measures The following information provides definitions and reconciliations of certain non-GAAP financial measures presented in this press release to which this reconciliation is attached to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles (GAAP). Management believes that, when considered together with reported amounts, these measures are useful to investors and management in understanding our ongoing operations and in the analysis of ongoing operating trends. Management believes the change to adjust for amortization of acquisition-related intangibles and certain acquisition- and divestiture-related costs provides investors with a more meaningful measure of its performance period to period, aligns the measure to how management will evaluate performance internally, and makes it easier for investors to compare our performance to peers. These measures should be considered in addition to, and not as replacements for, the most comparable GAAP measure. Certain measures presented on a non-GAAP basis represent the impact of adjusting items net of tax. The tax-effect for adjusting items is determined individually and on a case-by-case basis. Other companies may calculate these non-GAAP measures differently, limiting the usefulness of these measures for comparative purposes. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitations of these non-GAAP financial measures are that they exclude significant expenses and income that are required by GAAP to be recognized in the consolidated financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. Investors are urged to review the reconciliation of the non-GAAP financial measures to the comparable GAAP financial measures and not to rely on any single financial measure to evaluate Honeywell's business. Honeywell International Inc. Definition of Organic Sales Percent Change We define organic sales percentage as the year-over-year change in reported sales relative to the comparable period, excluding the impact on sales from foreign currency translation and acquisitions, net of divestitures, for the first 12 months following the transaction date. We believe this measure is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends. A quantitative reconciliation of reported sales percent change to organic sales percent change has not been provided for forward-looking measures of organic sales percent change because management cannot reliably predict or estimate, without unreasonable effort, the fluctuations in global currency markets that impact foreign currency translation, nor is it reasonable for management to predict the timing, occurrence and impact of acquisition and divestiture transactions, all of which could significantly impact our reported sales percent change. We define operating income as net sales less total cost of products and services sold, research and development expenses, impairment of assets held for sale, and selling, general and administrative expenses. We define segment profit, on an overall Honeywell basis, as operating income, excluding stock compensation expense, pension and other postretirement service costs, amortization of acquisition-related intangibles, certain acquisition- and divestiture-related costs and impairments, and repositioning and other charges. We define segment profit margin, on an overall Honeywell basis, as segment profit divided by net sales. We believe these measures are useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends. A quantitative reconciliation of operating income to segment profit, on an overall Honeywell basis, has not been provided for all forward-looking measures of segment profit and segment profit margin included herein. Management cannot reliably predict or estimate, without unreasonable effort, the impact and timing on future operating results arising from items excluded from segment profit, particularly pension mark-to-market expense as it is dependent on macroeconomic factors, such as interest rates and the return generated on invested pension plan assets. The information that is unavailable to provide a quantitative reconciliation could have a significant impact on our reported financial results. To the extent quantitative information becomes available without unreasonable effort in the future, and closer to the period to which the forward-looking measures pertain, a reconciliation of operating income to segment profit will be included within future filings. Acquisition amortization and acquisition- and divestiture-related costs are significantly impacted by the timing, size, and number of acquisitions or divestitures we complete and are not on a predictable cycle, and we make no comment as to when or whether any future acquisitions or divestitures may occur. We believe excluding these costs provides investors with a more meaningful comparison of operating performance over time and with both acquisitive and other peer companies. We define adjusted earnings per share as diluted earnings per share adjusted to exclude various charges as listed above. We believe adjusted earnings per share is a measure that is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends. For forward-looking information, management cannot reliably predict or estimate, without unreasonable effort, the pension mark-to-market expense as it is dependent on macroeconomic factors, such as interest rates and the return generated on invested pension plan assets. We therefore do not include an estimate for the pension mark-to-market expense. Based on economic and industry conditions, future developments, and other relevant factors, these assumptions are subject to change. Acquisition amortization and acquisition- and divestiture-related costs are significantly impacted by the timing, size, and number of acquisitions or divestitures we complete and are not on a predictable cycle and we make no comment as to when or whether any future acquisitions or divestitures may occur. We believe excluding these costs provides investors with a more meaningful comparison of operating performance over time and with both acquisitive and other peer companies. We define free cash flow as cash provided by operating activities less cash for capital expenditures. We believe that free cash flow is a non-GAAP measure that is useful to investors and management as a measure of cash generated by 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, pay dividends, repurchase stock, or repay debt obligations prior to their maturities. This measure can also be used to evaluate our ability to generate cash flow from operations and the impact that this cash flow has on our liquidity. SOURCE Honeywell
A move to scrap free home to school transport for post-16 Newcastle school pupils with special educational needs and disabilities (SEND) has been paused. Council bosses have delayed a decision to cut the service, which was expected to be taken on Monday night, saying that they would look again at the civic centre’s financial troubles. Parents of SEND pupils who spoke to the Local Democracy Reporting Service ahead of Newcastle City Council ’s cabinet meeting warned that pulling the free transport would risk cutting short the education of some of Tyneside’s most vulnerable children. Neighbouring North Tyneside Council, however, has signed off on changes that will introduce a £672-per-year charge for post-16 pupils to access its home to school travel arrangements. Both local authorities have warned that it is no longer financially sustainable for them to keep providing the free transport, which councils are not legally required to fund for post-16 pupils, amid spiralling bills and mounting pressure on their social care services. But mum-of-three Amberlie Wood-Burton called the proposed end of the Newcastle post-16 provision “disgusting” and “discriminatory”. She said that her severely autistic son would not be able to travel to school himself and that many families would find it impossible to arrange alternatives themselves, particularly parents who do not drive or who also have children at other schools, or rely on public transport. The 37-year-old, from West Denton, added: “A lot of us parents will probably have to cut their education short, by removing them from school at 16, because of this decision.” Amy Hutton, from Blucher, worries that her 15-year-old daughter will be unable to continue her studies at the school she attends 20 miles away in Ashington if the cut goes ahead. She added: “There is a chronic shortage of places she could go. Some of these children just won’t go to school [if post-16 transport is cut]. “These are the most vulnerable children in our city. Some of them couldn’t get the bus – never mind with a carer, some can’t get on at all because of sensory issues and anxiety.” Lesley Storey, Labour ’s cabinet member for children and families in Newcastle, said the move was “not a decision we would ever take lightly and all options have been reviewed”. She confirmed on Monday that civic centre officers had been instructed to produce further financial modelling on the change and that the decision would now be made at a later date. Coun Storey said the delay would also allow the council to take into account a Government announcement on council funding that is expected this week, though she warned that the authority would likely have to go ahead with the cut if there is “no clear scope for additional funding specifically for SEND transport”. Coun Storey added: “That is never a decision that any cabinet wishes to make but we have a responsibility to residents in Newcastle to deliver a balanced budget. Not doing so could put all our services at risk. “Regardless of any decision on this matter, we are continuing to expand our independent travel training programme, which has been widely praised by young people and their parents/carers. We are also doing everything we can to work with those potentially affected to ensure they are aware of the additional support available to support post-16 SEND students, and how this can be used to support them with their travel arrangements.” There are currently 189 post-16 learners in Newcastle whose transport is paid for by the council, at an estimated cost of £131,000 per month, while the local authority is due to announce plans to slash £24 million from its budgets in the coming weeks. In North Tyneside, meanwhile, the council’s cabinet heard earlier on Monday afternoon how it expects to overspend its home to school transport budget for 2024/25 by £1.8 million. Coun Steven Phillips, Labour’s cabinet member for inclusion, employment and skills, said the authority acknowledged public concerns about its proposed cuts but that the budget pressures meant they should go ahead. The changes in North Tyneside, which will come into effect in September 2025, include: Introducing a £672 charge per academic year towards the cost of post-16 travel assistance; No longer reimbursing 50% of travel costs of pupils attending mainstream education; Only providing travel at the start and end of the school day, no longer accommodating pupils on part-time timetables; and Removing funded bus passes for those travelling to faith schools on the grounds of religion. All children and young people who currently receive travel assistance in North Tyneside will continue to receive it until the end of their current phase of education, the council added. Join our Breaking News and Top Stories WhatsApp community for all the latest news direct to your phone. To join you need to have WhatsApp on your device. All you need to do is choose which community you want to join, click on the link and press 'join community'. 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A police case has been filed against poll strategist-turned political leader Prashant Kishor, leaders of his Jan Suraaj party, a few coaching centre owners and 700 unknown protesters over the student protests in Bihar held on Sunday. Kishor and others have been been accused of " unauthorisedly" gatherin g people, instigating them and creating a law and order problem, according to reports. Kishore joined the students protesting against the Bihar Public Service Commission (BPSC) examination, and slammed the treatment of students by the Bihar government on December 29. He accused the Bihar government of turning democracy into "lathi-tantra," and emphasised the right to protest of the students in public spaces. Protest at Gandhi Maidan turns violent Kishor's Jan Suraaj Party, the police said, held a protest march without permission and led the crowd near Patna's Gandhi Maidan, which turned violent, breaking police loudspeakers and clashing with magistrates and police officers on duty. "Despite repeated requests by the administration, these people violated the guidelines of the administration and disrupted public order," the police said. Police were seen using batons and water cannons to disperse the crowd of students gathered to protest against BPSC aspirants. The protesting students in Patna are demanding the cancellation of the Integrated Combined (Preliminary) Competitive Examination (CCE) 2024 conducted by the Bihar Public Service Commission (BPSC) on December 13 The students gathered at Gandhi Maidan before marching towards JP Golambar, intending to proceed to Chief Minister Nitish Kumar's residence. They wanted to meet him and discuss the issue. Kishor extends support Kishor expressed his support for the students and participated in their march to JP Golambar. He announced that a students' delegation would meet the Chief Secretary. But the students refused to meet anyone but the Chief Minister and their insistence led to the police action. "We are not going for a protest. Students are sitting there, we are going to meet them. Gandhi Maidan is a public place, people go there every day. If the students do not have any place, they will go to a public place. I don't know why the government has made it a question of its prestige, somewhere they are harming themselves," Kishor had said. Jan Suraaj, became a political party in October this year and is expected to contest in all seats of Bihar in the next year's assembly election. (With PTI inputs)
