Honeywell 2004 Annual Report Download - page 58

HONEYWELL INTERNATIONAL INC.
CONSOLIDATED STATEMENT OF OPERATIONS
Years Ended December 31,
2004 2003 2002
(Dollars in millions,
except per share amounts)
Product sales $20,408 $18,234 $17,608
Service sales 5,193 4,869 4,666
25,601 23,103 22,274
Costs, expenses and other
Cost of products sold 16,904 14,753 14,168
Cost of services sold 3,681 3,482 3,447
Selling, general and administrative expenses 3,316 2,950 2,757
(Gain) loss on sale of non-strategic businesses (255) (38) 124
Asbestos related litigation charges, net of insurance 76 — 1,548
Business impairment charges 42 — 877
Equity in (income) loss of affiliated companies (82) (38) (42)
Other (income) expense (92) 19 (4)
Interest and other financial charges 331 335 344
23,921 21,463 23,219
Income (loss) before taxes and cumulative effect of accounting change 1,680 1,640 (945)
Tax expense (benefit) 399 296 (725)
Income (loss) before cumulative effect of accounting change 1,281 1,344 (220)
Cumulative effect of accounting change — (20) —
Net income (loss) $ 1,281 $ 1,324 $ (220)
Earnings (loss) per share of common stock—basic:
Income (loss) before cumulative effect of accounting change $ 1.49 $ 1.56 $ (0.27)
Cumulative effect of accounting change — (0.02) —
Net income (loss) $ 1.49 $ 1.54 $ (0.27)
Earnings (loss) per share of common stock—assuming dilution:
Income (loss) before cumulative effect of accounting change $ 1.49 $ 1.56 $ (0.27)
Cumulative effect of accounting change — (0.02) —
Net income (loss) $ 1.49 $ 1.54 $ (0.27)
The Notes to Financial Statements are an integral part of this statement.
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