Get All Access for FREEMarket News & Research,
Live Transcripts & Audio,
and a whole lot more…
$HON announced that UkrGasVydobuvannya (UGV) has begun using Honeywell UOP's HYT-4118 Unity hydrotreating catalyst to produce ultra-low sulfur diesel fuel at the Shebelinsky refinery in Andreyevka, Kharkov Region, in eastern Ukraine. The catalyst is designed for use in low to medium-pressure ultra-low sulfur diesel hydrotreating units.
$HON said in terms of priorities for 2018, firstly the company wants to drive free cash flow conversion. The second is the incorporation of software into all products. The third one will be about innovation and leveraging the latest technologies available in the marketplace.
For 1Q18, in Aerospace, $HON expects sales to increase in the low single-digit range organically. Home and Building Technology sales will be slightly up. In Performance Materials & Technology, sales are expected to be up low to mid-single-digit while Safety & Productivity Solutions sales are expected in the mid-single-digit range organically.
During 4Q17, in the Industrial business group, $MMM posted organic growth of 3.9%. Safety & Graphic sales grew 10.7% organically with double digit increases across developed and developing markets. Healthcare grew 3.1% organically and Electronics & Energy organic sales growth was 11%. In Consumer, organic growth was 5.4% in 4Q17.
Following the passage of the new tax legislation, $MMM recorded a net tax expense in 4Q17 of $762MM or $1.25 per share resulting in GAAP EPS of $0.85. This net tax expense includes the onetime transition tax on unremitted foreign earnings, as well as true-ups of tax deferred assets and liabilities. Excluding this impact, 4Q17 EPS was $2.10.
$HON said Qantas Airlines operated a 13,000-km flight from L.A. to Melbourne using Honeywell Green Jet Fuel. The flight was the first between the US and Australia to use this fuel, made from Carinata seeds engineered by Agrisoma Biosciences. The fuel was produced by AltAir Paramount LLC using $HON’s Renewable Jet Fuel process technology.
$MMM reported a 54% decrease in 4Q17 earnings. Net income was $523MM or $0.85 per share compared to $1.15Bil or $1.88 per share in 4Q16. The Tax Cuts and Jobs Act resulted in a net tax expense in the quarter of $762MM or $1.25 per share. Sales rose 9% to $8Bil from last year.
$HON expects sales to be $41.8-42.5Bil in FY18 with organic growth of 2-4%. The company raised its 2018 adjusted EPS guidance by $0.20 to a new range of $7.75-8.00 to reflect an expected lower tax rate due to the US Tax Cuts and Jobs Act.
$HON posted a net loss of $2.4Bil or $3.18 per share in 4Q17 compared to a net income of $1Bil or $1.34 per share in 4Q16. The company incurred a provisional charge of $3.8Bil from the Tax Reform during the quarter. Net sales increased 9% to $10.8Bil compared to last year.
$HON announced that its UOP Russell business will provide a third cryogenic gas processing plant to Brazos Midstream. The high-recovery 200MM cubic foot per day plant, called Comanche III, will extract valuable natural gas liquids from natural gas produced in the Southern Delaware Basin in Texas.
$HON said its cockpit technologies have been selected by United Airlines to outfit its new fleet of more than 150 Boeing 737 MAX airplanes. The flight deck package will include the first installment of $HON’s SmartRunway and SmartLanding and will feature IntuVue RDR-4000 3D Weather Radar System and Integrated Multi-Mode Receiver.
$HON announced that Honeywell Outcome Based Service, a cloud-enabled building management service that helps identify misconfigurations sooner than traditional maintenance, now extends to mechanical systems. This provides more insight into a building’s operational efficiency while optimizing total cost of ownership.
$PARR said a wholly-owned subsidiary of Par Petroleum LLC has agreed to acquire 33 Cenex Zip Trip convenience stores from CHS Inc. for approx. $70MM plus the agreed value of inventory at closing. $PARR expects adjusted EBITDA from the acquired stores to be about $7-7.5MM in the first full year of operations. The deal is expected to close in 1Q18.
$LC said on Jan. 2, 2018, its BoD received a letter from IEG Holdings Corporation, stating its intention to acquire up to 4.99% of the outstanding common stock of $LC on the basis of 13 shares of IEG common stock for each share of $LC common stock. On Jan. 5, IEG commenced its proposed exchange offer, which $LC’s BoD urges stockholders to ignore.
Specialty chemicals company $NGVT said it is planning to launch a private offering of its senior unsecured notes. The company intends to use the net proceeds from the offering to finance the planned acquisition of the pine chemicals business of Georgia-Pacific Chemicals and for general corporate purposes.