What a difference a year makes–and then not so much when it comes to Treasury & Risk’s overall winner in the annual Alexander Hamilton Awards for sustained excellence across a broad spectrum of treasury activities. For the second year in a row top honors go to the Morristown, N.J.-based maker of aerospace, automation and control, specialty materials and transportation products and solutions. At the heart of Honeywell’s success is the transformation of the finance operation through one common set of global treasury processes and its deep involvement with the business units. Last year Honeywell garnered two gold awards for its cash optimization and automation projects. This year the judges were impressed with its growing global outlook, its ability to integrate new acquisitions and to establish integrity and compliance programs throughout the organization. Its cash management in Europe, the Middle East and Africa (EMEA) takes gold in that category, where its second entry highlights its treasury management activities in India. Honeywell also wins the gold for corporate governance and the bronze award in financial risk management. The numbers were part of the story last year–record sales, record income, record cash flow, one that went from $1.6 billion in 2003 to $3.1 billion in 2007–as well as its 40% increase in share price. This year, as the financial crisis has shaken markets worldwide and swept into every corner of the economy, shares have taken a nosedive, including Honeywell’s, off about 50% from its high for the year. In the third quarter, however, the company continued to report strong growth with a 6% increase in sales to $9.3 billion over the same period last year, and a 20% increase in earnings per share to 97 cents compared to $81 cents in the third quarter last year.