EPS has been steadily increasing in past decade, with last couple annual EPS at $8.50+. Quarterly EPS generally in the low $2.xx.
Watch this EPS number and compare it to the revenue number in the next 10-K or 10-Q filing by Honeywell. A decrease in revenue without a corresponding decrease in EPS means more RIFs, furloughs, and benefit cuts are on their way.
I'll propose something simpler as a metric - gross margin - revenue minus cost as the only management tool being used. Gross margin must continue to increase, or at least not deteriorate. Project revenue for next quarter. Calculate RIF and site closures necessary to maintain or increase gross margin and execute accordingly.
HON is playing accounting games again. They have money on the balance sheet they're using to prop up profits. Using a lot of it up in Q2 means problems to hit the target in Q3.
With no cash coming in for share buybacks, the EPS is definitely going to take a hit.
Just watch, these Goldbrickers will have the balls to increase the dividend on top of it!