AlliedSignal's 4th-Quarter Sales and Earnings Are Up 16%; Full-Year 1994 Earnings Climb 16% On 8% Sales Increase; Board Votes To Raise Dividend By 16%.MORRIS TOWNSHIP There are several places named Morris Township in the United States:
See: New York Stock Exchange : ALD ALD abbr. adrenoleukodystrophy ALD, n.pr See adrenoleukodystrophy. ALD aldolase. ) announced today: o A 16% increase in 1994 fourth-quarter earnings per share to $0.73 from $0.63 in the last quarter of 1993; sales also were up 16%. o A 16% increase in 1994 full-year earnings per share to $2.68 from $2.31 in 1993; sales for the year rose 8%. o A 16% increase in the quarterly dividend to $0.195 per share from $0.1675. Dividend Increase The Board of Directors voted to increase the dividend by 16% effective with the first quarter of 1995. This is the third dividend increase of 16% in three years. The first dividend at the new rate will be paid March 10 to shareowners of record on February February: see month. 21, 1995. 1994 Full-Year Audited Results Net income for 1994 grew 16% to a record $759 million. "Continued efficiency improvements coupled with an 8%, billion-dollar revenue increase to $12.8 billion gave us our best year ever in both sales and income," said Lawrence Lawrence. 1 City (1990 pop. 26,763), Marion co., central Ind., a residential suburb of Indianapolis, on the West Fork of the White River. It has light manufacturing. 2 City (1990 pop. 65,608), seat of Douglas co., NE Kans. A. Bossidy, Chairman and Chief Executive Officer. For the first time in seven years, sales were higher in each of the company's three businesses. The gains resulted from a stronger economy in both North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , new product introductions,
increased market share and several niche acquisitions.
"Productivity improved 6.2% in 1994," said Bossidy, "the highest improvement in three years, confirming our conviction that the more we achieve, the more opportunities we find. It is clear that we can continue to improve our manufacturing processes and this, together with sales growth, will enable us to boost productivity by 6% each year." Operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: widened to 9.0% from 7.9% (8.1% including nonrecurring Non`re`cur´ring a. 1. Nonrecurrent; as, the costs of a layoff are considered as a nonrecurring expense s>. items) in 1993 and from 4.7% in 1991. Working capital turnover improved to 5.5 from 4.8. Free cash flow in 1994 was $302 million. Fourth-Quarter Results For the fourth quarter of 1994, AlliedSignal reported record income of $205 million, an increase of 16% over comparable 1993 fourth-quarter earnings of $177 million. Sales increased 16% to a record $3.53 billion from $3.06 billion. Operating margin for the fourth quarter increased to 8.5% from a 7.4%. Fourth-quarter operating results were as follows: Aerospace: Income grew 14% to a record $83 million from $73 million in the fourth quarter of 1993. Sales grew 9% to $1.31 billion from $1.21 billion, reflecting higher sales of engines, government electronic systems and aircraft landing systems. Sales benefited from strength in the growing regional airline original equipment (OE) market and aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. and in military OE, partially offset by lower sales in the major airline OE market and the military aftermarket. Census reductions, operating efficiencies and materials management Materials management is the branch of logistics that deals with the tangible components of a supply chain. Specifically, this covers the acquisition of spare parts and replacements, quality control of purchasing and ordering such parts, and the standards involved in ordering, actions resulted in higher income for engines, equipment and controls, landing systems and government electronic systems, partially offset by lower income for commercial avionics avionics (ā'vēŏn`ĭks), electronic instruments used in air or space flight; also the design and production of such instruments. Early planes had few instruments, but as aviation and aircraft became more complex, so did instrumentation. . Contract wins announced during the fourth quarter include safety-related Adj. 1. safety-related - providing or ensuring safety protective - intended or adapted to afford protection of some kind; "a protective covering"; "the use of protective masks and equipment"; "protective coatings"; "kept the drunken sailor in protective custody"; systems for the proposed McDonnell Douglas McDonnell Douglas was a major American aerospace manufacturer and defense contractor, producing a number of famous commercial and military aircraft. It merged with Boeing in 1997 to form The Boeing Company. MD-95 aircraft, including weather radar, cockpit voice recorders A Cockpit Voice Recorder (CVR) is a flight recorder used to record the audio environment in the flightdeck of an aircraft for the purpose of investigation of accidents and incidents. , flight data recorders The flight data recorder (FDR) is a flight recorder used to record specific aircraft performance parameters. A separate device is the cockpit voice recorder (CVR), although some versions (including the original) combine both in one unit. , ground proximity warning systems Ground proximity warning system (GPWS) is a system designed in 1967 by Don Bateman Chief Engineer, Flight Safety Avionics, Honeywell to alert pilots if their aircraft is in immediate danger of flying into the ground. , aircraft collision avoidance systems (1) See adaptive cruise control. (2) A passenger car system that detects objects on the road that the driver may not be able to see. Using radar or infrared sensors, distant objects, such as a deer crossing the road at night or in a fog, are projected onto the and environmental controls; turbofan engines and avionics for the Czech Aero Vodochody
Aero Vodochody (commonly referred to as Aero; Vodochody is a location) is a Czech (and Czechoslovak) aircraft company notable for producing the L-29 Delfin, L-39 L-159 trainer; avionics upgrades for the Argentinean A-4M SkyHawk Skyhawk is a name used in a number of ways, including:
Automotive: Income rose 16% to a record $57 million from $49 million in the year-earlier fourth quarter. Sales grew 16% to a record $1.35 billion from $1.16 billion. Higher North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. and European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. OE sales were partially offset by lower aftermarket sales. Sales and income from turbochargers and brakes for passenger cars and commercial vehicles were higher. Further fourth-quarter income growth was impeded im·pede tr.v. im·ped·ed, im·ped·ing, im·pedes To retard or obstruct the progress of. See Synonyms at hinder1. [Latin imped by temporary capacity constraints CONSTRAINTS - A language for solving constraints using value inference. ["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. in the turbocharger tur·bo·charg·er n. See turbosupercharger. tur  bo·charged adj. business and delayed paybacks
from facility rationalizations in Europe. Sales and income in Brazil
improved significantly for the quarter.
Among recent business wins were anti-lock brakes for the 1998 Ford Aerostar The Ford Aerostar was Ford's first minivan, and was introduced as a 1986 model in summer 1985. Although introduced to compete with the front-wheel drive Dodge Caravan/Plymouth Voyager twins, it was a rear-wheel drive minivan, like the Chevrolet Astro and Toyota Van. minivan; front disc brake friction materials for the 1996 Ford F-150 pickup Pickup A gain in yield made by selling one bond and buying another. Also referred to as "yield pickup." Notes: When the present yield is relatively low compared to the longer-term yields, pickups will be done by investors trying to increase the yield and duration of their truck; turbochargers for the 1996 Caterpillar caterpillar (kăt`əpĭl'ər, kăt`ər–), common name for the larva of a moth or butterfly. Caterpillars have distinct heads and are segmented and wormlike. 3176L truck engine; spark plugs spark plug: see ignition. spark plug Device that fits into the cylinder head of an internal-combustion engine and carries two electrodes separated by an air gap, across which current from a high-tension ignition system discharges, creating a spark for all Ford products in Europe; driver and passenger air bag modules with hybrid inflators for a 1998 Chrysler pickup truck and the 1998 Isuzu Rodeo rodeo (rō`dēō, rōdā`ō), public exhibition of the skill of cowboys in various activities. Events include riding broncos, riding steers, "bulldogging" steers, roping and tying steers and calves, the use of the lasso, and ; and hybrid inflators for a 1998 Opel passenger car. Engineered Materials: Fourth-quarter income grew 26% to a record $82 million from $65 million in the corresponding year-earlier period. Sales increased 26% to a record $878 million from $695 million -- the best quarterly sales increase ever -- reflecting across-the-board volume increases in all major product lines. Sales and income were higher for both arpet and industrial fibers. Income from plastics was substantially higher, reflecting strong volume increases in all markets, particularly in Europe and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . Laminates benefited from strong worldwide demand including record sales in Asia, reflecting strong performance by plants in Thailand and Taiwan and sales to new customers in China and India. Higher sales of Spectra. fiber and Metglas. amorphous metals An amorphous metal is a metallic material with a disordered atomic-scale structure. In contrast to most metals, which are crystalline and therefore have a highly ordered arrangement of atoms, amorphous alloys are non-crystalline. resulted in substantial bottom-line improvements for both products. Fluorine fluorine (fl  `ərēn, –rĭn), gaseous chemical element; symbol F; at. no. 9; at. wt. 18.998403; m.p. −219.6°C;; b.p. −188.14°C;; density 1. sales were higher but income declined because of pricing
pressures and startup costs for the new multiproduct plant in Geismar,
Louisiana Louisiana (ləwē'zēăn`ə, lē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. . Comparable combined income from the joint ventures in high
density polyethylene High-density polyethylene (HDPE) is a polyethylene thermoplastic made from petroleum. It takes 1.75 kilograms of petroleum (in terms of energy and raw materials) to make one kilogram of HDPE. and process technology was higher.
AlliedSignal is an advanced technology and manufacturing company serving customers worldwide with aerospace and automotive products, chemicals, fibers, plastics and advanced materials Advanced Materials is a leading peer-reviewed materials science journal published every two weeks. Advanced Materials includes Communications, Reviews, and Feature Articles from the cutting edge of materials science, including topics in chemistry, physics, . -0-
AlliedSignal Inc.
Consolidated Statement of Income
(Dollars in millions except per share amounts)
THREE MONTHS TWELVE MONTHS
ENDED DECEMBER 31 ENDED DECEMBER 31
1994 1993 1994 1993
Net sales $3,534 $3,059 $12,817 $11,827 Cost of goods sold 2,853 2,474 10,299 9,551 Selling, general and administrative expenses 381 359 1,366 1,338 Nonrecurring items (A) - (16) - (16) Total costs and expenses 3,234 2,817 11,665 10,873 Income from operations 300 242 1,152 954 Equity in income of affiliated companies 38 49 129 122 Other income (expense) (8) 4 (27) (9) Interest and other financial charges (34) (33) (143) (157) Income before taxes on income 296 262 1,111 910 Taxes on income 91 84 352 254 Income before cumulative effect of change in accounting principle 205 178 759 656 Cumulative effect of change in accounting principle: Accounting for postemployment benefits, net of income taxes - - - (245) Net income $ 205 $ 178 $ 759 $ 411 Earnings per share of common stock: (B) Before cumulative effect of change in accounting principle $ .73 $ .63 $ 2.68 $ 2.31 Cumulative effect of change in accounting principle - - - (.86) Net earnings $ .73 $ .63 $ 2.68 $ 1.45 (A) Consists of a gain of $89 million (after-tax $50 million, or $.17 a share) from the formation of an alliance of the Company's air-brake control and related product operations for heavy trucks with those of Knorr-Bremse AG, partly offset by a provision totaling $73 million (after-tax $49 million, or $.17 a share) covering transaction and other costs including formation costs relating to Knorr-Bremse and other business ventures as well as the cost of several legal actions. (B) Based on weighted average number of shares outstanding during each period: three months ended December 31, 1994, 283,064,056 shares, and 1993, 283,500,572 shares; and twelve months ended December 31, 1994, 283,446,399 shares, and 1993, 283,233,078 shares. No dilution results from outstanding common stock equivalents. Share and per share data for all periods reflect the March 1994 two-for-one stock split.
-0-
AlliedSignal Inc.
Segment Data
(Dollars in Millions)
THREE MONTHS ENDED DECEMBER 31
Income Before Cumulative
Effect of Change in
Net Sales Accounting Principle
1994 1993 1994 1993 (A)
Aerospace $ 1,311 $ 1,207 $ 83 $ 69 Automotive 1,345 1,157 57 91 Engineered Materials 878 695 82 62 Total Businesses 3,534 3,059 222 222 Corporate & Unallocated - - (17) (44) Total $ 3,534 $ 3,059 $205 $178
TWELVE MONTHS ENDED DECEMBER 31
Income Before Cumulative
Effect of Change in
Net Sales Accounting Principle
1994 1993 1994 1993 (A)
Aerospace $ 4,623 $ 4,530 $260 $224 Automotive 4,922 4,506 223 226 Engineered Materials 3,272 2,791 331 269 Total Businesses 12,817 11,827 814 719 Corporate & Unallocated - - (55) (63) Total $12,817 $11,827 $759 $656 (A) Includes an after-tax gain of $50 million from the formation of an alliance of the Company's air-brake control and related product operations for heavy trucks with those of Knorr-Bemse AG, partly offset by an after-tax provision of $49 million covering transaction and other costs including formation costs relating to Knorr-Bremse and other business ventures as well as the cost of several legal actions for the three months and twelve months. The after-tax impact of these nonrecurring items is a charge of $4 million for Aerospace, a gain of $42 million for Automotive, a charge of $3 million for Engineered Materials and a charge of $34 million for Corporate & Unallocated.
-0-
AlliedSignal Inc.
Summary of Key Segment Data
Three Months Ended December 31
($ Millions)
Reported Adjusted %Change
1994 1993 1993(a) Adjusted 1993
Aerospace
Net Sales $1,311 $1,207 $1,207 8.6%
Income from Operations
(Before Tax) 141 122 128 10.2%
Net Income 83 69 73 13.7%
Operating Margin 10.8% 10.1%
10.6%
Automotive
Net Sales $1,345 $1,157 $1,157 16.2%
Income from Operations
(Before Tax) 102 169 88 15.9%
Net Income 57 91 49 16.3%
Operating Margin 7.6% 14.6% 7.6%
Engineered Materials
Net Sales $ 878 $ 695 $ 695 26.3%
Income from Operations
(Before Tax) 93 48 53 75.5%
Net Income 82 62 65 26.2%
Operating Margin 10.6% 6.9% 7.6%
Corporate Income from Operations (Before Tax) $ (36) $ (97) $ (43) 16.3% Net Income (17) (44) (10) (70.0)%
Total Company
Net Sales $3,534 $3,059 $3,059 15.5%
Income from Operations
(Before Tax) 300 242 226 32.7%
Net Income 205 178 177 15.8%
Operating Margin 8.5% 7.9% 7.4%
Total Sales of Equity Affiliates Net Sales $604 $577 $577 4.7% (a) Excludes Nonrecurring Items
-0-
AlliedSignal Inc.
Summary of Key Segment Data
Twelve Months Ended December 31
($ Millions)
Reported Adjusted %Change
1994 1993 1993(a) Adjusted 1993
Aerospace Net Sales $4,623 $4,530 $4,530 2.1%
Income from Operations
(Before Tax) 458 402 408 12.3%
Net Income 260 224 228 14.0%
Operating Margin 9.9% 8.9% 9.0%
Automotive
Net Sales $4,922 $4,506 $4,506 9.2%
Income from Operations
(Before Tax) 411 432 351 17.1%
Net Income 223 226 184 21.2%
Operating Margin 8.4% 9.6% 7.8%
Engineered Materials
Net Sales $3,272 $2,791 $2,791 17.2%
Income from Operations
(Before Tax) 409 309 314 30.3%
Net Income 331 269 272 21.7%
Operating Margin 12.5% 11.1% 11.3%
Corporate Income from Operations (Before Tax) $(126) $(189) $(135) 6.7% Net Income (55) (63) (29) (89.7)%
Total Company
Net Sales $12,817 $11,827 $11,827 8.4%
Income from Operations
(Before Tax) 1,152 954 938 22.8%
Net Income 759 656 655 15.9%
Operating Margin 9.0% 8.1% 7.9%
Total Sales of Equity Affiliates Net Sales $ 2,114 $1,780 $1,780 18.8% (a) Excludes Nonrecurring Items -0-
AlliedSignal Inc.
Key Balance Sheet Statistics
($ Millions)
Dec. 31, 1994 Dec. 31, 1993
Cash and Cash Equivalents $ 508 $ 892 Operating Working Capital 2,532 2,273 Total Debt 1,687 1,960 Shareowners' Equity 2,982 2,390 Total Debt as a % of Total Capital 34.1% 42.7% Interest Coverage Ratio 6.8 5.0 CONTACT: AlliedSignal Inc. Mark Greenberg (201) 455-5445 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion