Honeywell 2Q16 Earnings Call Notes

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Honeywell International (HON) David M. Cote on Q2 2016 Results

Expect minimal near term impact from Brexit

“We’re also monitoring the macro environment in light of Britain’s recently announced exit from the European Union and we expect minimal near-term impact. Tom will take you through some of the actions we’ve taken to mitigate potential risk, but it’s important to note that our planning framework hasn’t changed”

We never referred to this as an expansionary environment

” I don’t think we’ve ever referred to this environment as being expansionary. And the way I would describe the overall performance and why we say strong: if you take a look at the cash we generated, if you take a look at the operational margin rate improvement, 110 basis points which is consistent with what we were doing last year. It’s just all the stuff to the right of the chart was moving in the right direction. This year it’s not.”