NEW YORK (Standard&Poor's) April 17, 2003--Honeywell International Inc. (A/Negative/A-1) reported net earnings (before an accounting change) of $274 million for the first quarter ended March 31, 2003, compared with $376 million for the same quarter of 2002, and solid cash flow generation. Standard&Poor's Ratings Services said those results have no impact on its ratings or outlook on Honeywell. Lower profits for the 2003 period reflected primarily increased pension expense. Revenues were flat, excluding gains from foreign exchange. Despite lower earnings, Honeywell's free cash flow rose 43% to $368 million, exceeding net income for the 2003 period. As a result, the full 2003 free cash flow is now expected to be $1.8 billion, compared with $1.5 billion
