Honeywell 2003 Annual Report Download - page 364

CONSOLIDATED STATEMENT OF OPERATIONS Honeywell International Inc.
Years Ended December 31,
-------------------------
(Dollars in Millions, Except Per Share Amounts) 2003 2002 2001
-------------------------------------------------------------------------------------------------------
Net sales ............................................................... $23,103 $22,274 $23,652
-------------------------------------------------------------------------------------------------------
Costs, expenses and other
Cost of goods sold ................................................... 18,235 17,615 20,125
Selling, general and administrative expenses ......................... 2,950 2,757 3,064
(Gain) loss on sale of non-strategic businesses ...................... (38) 124 --
Asbestos related litigation charges, net of insurance ................ -- 1,548 159
Business impairment charges .......................................... -- 877 145
Equity in (income) loss of affiliated companies ...................... (38) (42) 193
Other (income) expense ............................................... 19 (4) (17)
Interest and other financial charges ................................. 335 344 405
-------------------------------------------------------------------------------------------------------
21,463 23,219 24,074
-------------------------------------------------------------------------------------------------------
Income (loss) before taxes and cumulative effect of accounting change ... 1,640 (945) (422)
Tax expense (benefit) ................................................... 296 (725) (323)
-------------------------------------------------------------------------------------------------------
Income (loss) before cumulative effect of accounting change ............. 1,344 (220) (99)
Cumulative effect of accounting change .................................. (20) -- --
-------------------------------------------------------------------------------------------------------
Net income (loss) ....................................................... $ 1,324 $ (220) $ (99)
=======================================================================================================
Earnings (loss) per share of common stock--basic:
Income (loss) before cumulative effect of accounting change .......... $ 1.56 $ (0.27) $ (0.12)
Cumulative effect of accounting change ............................... (.02) -- --
-------------------------------------------------------------------------------------------------------
Net income (loss) .................................................... $ 1.54 $ (0.27) $ (0.12)
=======================================================================================================
Earnings (loss) per share of common stock--assuming dilution:
Income (loss) before cumulative effect of accounting change .......... $ 1.56 $ (0.27) $ (0.12)
Cumulative effect of accounting change ............................... (.02) -- --
-------------------------------------------------------------------------------------------------------
Net income (loss) .................................................... $ 1.54 $ (0.27) $ (0.12)
=======================================================================================================
The Notes to Financial Statements are an integral part of this statement.
45