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Strategy & Goals

Honeywell has a comprehensive strategy in place to ensure the company achieves sustainable, long-lasting growth, even in a challenging economic climate. The following tables outline our quarterly targets for growth.

2009 Objectives	On Track?	Results
Grow top line while maintaining profitability		FY-2009 revenue was down 8% compared to FY-2008 due to the global economic crisis, which contributed to low utilization and weak software sales. FY-2009 income declined 75% compared to FY-2008. Foreign currency translation losses and lower total revenue contributed to this decline.
Improve employee retention		Voluntary employee turnover declined by 42% compared to FY-2008.
Increase sales via Reseller Partners		Sales by Reseller Partners grew by 19% compared to FY-2008.
Increase sales volume of off-the-shelf products		Off-the-shelf product revenue increased by 12% compared to FY-2008.
One significant new product upgrade each quarter		12 product upgrades were released in fiscal year 2009, including significant upgrades to Downtime Reporter, Alarm Manager, Control Performance Monitor and several other products.
Grow Revenue from licenses & support of 33%-35% of total revenue	-	While product revenue was within the target range at 33% of total revenue, it did not grow over FY-2008.
Continue to sell and deploy industry applications		Mining and Oil & Gas industries were battered by global economic meltdown and lower commodity prices throughout 2009, resulting in a lengthened sales cycle and delayed projects Our pipeline for these solutions has grown considerably We believe we are well positioned to grow these businesses as the recovery occurs