Honeywell International (HON) said Wednesday it expects to book double-digit earnings growth through 2018, as the company looks to boost annual sales to $51 billion.

Ahead of its annual investor conference, Honeywell outlined plans to spend $10 billion on acquisitions that would add $5 billion to $8 billion in sales over the next five years. It expects sales to increase organically by $7 billion to $12 billion, lifting total revenue to $46 billion to $51 billion.

The diversified manufacturer, which serves the aerospace, defense and construction industries, also said it hopes to further expand margins and nearly double free cash flow.

“Honeywell continues to outperform,” Honeywell chairman and CEO Dave Cote said. “With over 99% of the company’s sales coming from great positions in good industries -- markets where we win with differentiated technology -- we’re well positioned for growth by deploying our Honeywell playbook and expanding our global footprint.”

Cote added that Honeywell will continue to be a strong cash generator with competitive dividends. The company will focus on investing in high-return projects, such as new production capacity of its performance materials and technologies business, he said.

In January, the Morris Township, N.J.-based company reported higher-than-expected earnings and revenue for the fourth quarter.

On Wednesday, Honeywell reiterated its first-quarter guidance for per-share earnings of $1.23 to $1.27. The company continues to forecast full-year 2014 earnings of $5.35 to $5.55 a share and sales of $40.3 billion to $40.7 billion.

Shares of Honeywell rose 67 cents, or 0.7%, to $95.27 shortly after the opening bell.

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