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Mon, Feb. 8, 1:57 PM
Mon, Feb. 8, 7:44 AM
- Airbus (OTCPK:EADSY) has decided not to use engines made by Pratt & Whitney (NYSE:UTX) to power the first test flight of its A321neo, and will instead use those made by rival CFM International.
- The French planemaker played down the switch, saying it didn't matter which engines were used for initial flights.
- Airbus still intends to deliver the first A321neos powered by Pratt & Whitney by the end of 2016, with the CFM-powered A321neos being handed over in early 2017, said spokesman Stefan Schaffrath.
Fri, Feb. 5, 11:25 PM
- The U.S. Defense Department plans to buy 404 Lockheed Martin (NYSE:LMT) F-35 fighter jets over the next five years, part of revised procurement figures to be released Tuesday when the Pentagon issues its fiscal 2017 budget and the new five-year plan, Reuters reports.
- The orders will amount to ~$40B in new revenue for LMT, the DoD's top supplier, and engine maker Pratt & Whitney (NYSE:UTX), according to the report.
- The new plan calls for the Air Force to buy 243 F-35 jets through fiscal 2021, 45 fewer than planned, as the service juggles funds to pay for a new long-range bomber to be built by Northrop Grumman (NYSE:NOC) and KC-46A refueling planes to be built by Boeing (NYSE:BA).
Fri, Feb. 5, 3:58 PM
- Aircraft engine maker CFM International, a joint venture of GE and France's Safran (OTC:SAFRF), says it sold 2,154 engines last year valued at $27B, including 1,418 LEAP engines and 736 CFM56 motors.
- CFM says its backlog of LEAP engines, which power the Boeing (NYSE:BA) 737 MAX and Airbus (OTCPK:EADSF, OTCPK:EADSY) A320neo jetliners, now stands at more than 10K units valued at $140B.
- The results come after problems developed with the Geared Turbofan engine, which competes with the LEAP and is made by rival Pratt & Whitney (NYSE:UTX), which says the problem - which requires a three-minute cooling procedure before the engine can be restarted - should be fixed this month.
Fri, Feb. 5, 10:49 AM
- Airbus (OTCPK:EADSF, OTCPK:EADSY) is renegotiating delivery schedules for its revamped A320neo and has told some airlines the jet will be delayed by around two months, Reuters reports.
- Airbus missed a 2015 target for delivering the first aircraft due to what it described as issues with documentation for its new Pratt & Whitney engines; industry sources also point to delays in deliveries of the newly developed Geared Turbofan engine from the United Technologies (NYSE:UTX) subsidiary.
Wed, Jan. 27, 7:37 AM
- Adjusted income from continuing operations of $1.3B, or $1.53 per share vs. $1.5B, or $1.67 per share in the same period a year ago.
- Sales by segment: Otis -7%; UTC Climate, Controls & Security -2%; Pratt & Whitney -5%; UTC Aerospace -4%.
- Returned $12B to stakeholders, including share repurchase and dividends.
- "In line with our 2015 strategic priorities, we took decisive actions to streamline our portfolio," CEO Gregory Hayes declared. "We also streamlined UTC’s organizational structure and initiated a $1.5B multiyear restructuring plan to improve competitiveness."
- The company also affirmed its outlook for 2016: Adjusted EPS of $6.30-$6.60 on sales of $56B-$58B.
- Q4 results
Wed, Jan. 27, 7:05 AM
Tue, Jan. 26, 5:30 PM
Thu, Jan. 14, 5:38 PM
- United Technologies (NYSE:UTX) has named Robert Leduc as president of Pratt & Whitney, to replace retiring chief Paul Adams.
- Leduc had been president of UTC's Sikorsky Aircraft before its sale last year. He's had a career at the company spanning the last 35 years, including serving as chief operating officer at Pratt & Whitney and leading its Large Commercial Engines business.
- Also, the company said Dave Hess has been named UTC's chief customer officer for aerospace and executive VP.
- Leduc and Hess will both report to CEO Gregory Hayes.
Fri, Jan. 8, 7:38 AM
- Bernstein downgrades United Technologies (NYSE:UTX) to Market Perform from Outperform, with a price target of $104 (from $116).
- Analyst Douglas Harned sees little downside to shares, which is near trough levels, but does not see a catalyst over the next 12 months to move shares higher.
- United Tech fell 18% in 2015.
- Previously: United Tech downgraded in favor of Honeywell at Sterne Agee CRT (Jan. 06 2016)
Thu, Jan. 7, 10:36 AM
- United Tech's (UTX -0.2%) Otis Elevator has entered into a multimillion-dollar agreement with W.S. Bellows Construction Corporation to supply elevator units for Texas Children's Hospital, one of the largest pediatric hospitals in the nation.
- Otis will provide 18 elevators for the new pediatric tower, and currently maintains the service on its nearly 100 other elevators at the facility.
Wed, Jan. 6, 2:54 PM
- United Technologies (UTX -3.2%) is downgraded to Neutral from Buy with a $100 price target by Sterne Agee CRT, which sees shares stuck in another tight trading range based on 14x-16x 2016-17 estimates over the next nine-plus months given limited operating income growth offset by aggressive buybacks.
- While buybacks support the downside in UTX stock, the upside is limited as only one of the company's four segments has operating income growth in 2016, the firm says.
- Sterne sees better risk/reward for investors over the next 12 months through Honeywell (HON -1.7%), which it calls a margin expansion story that offers confidence in achieving a premium multiple to the industrial group.
Wed, Jan. 6, 8:17 AM
- United Technologies' (NYSE:UTX) Pratt & Whitney unit, recorded a pre-tax charge of about $870M in the fourth quarter of 2015.
- The charge relates to a series of amendments to certain research and development support arrangements the company had previously entered into with Canadian federal and provincial government agencies.
- SEC Form 8-K
- UTX -2.1% premarket
Fri, Jan. 1, 4:53 AM
- Dow: NKE +29%; HD +27%; MCD +25%; GE +21%; V +16%.
- S&P 500: NFLX +135%; AMZN +119%; ATVI +90%; NVDA +61%; CVC +54%.
- Nasdaq: NFLX +135%; AMZN +119%; CTRP +104%; ATVI +90%; NVDA +61%.
- Dow: WMT -29%; CAT -28%; AXP -26%; CVX -21%; UTX -18%.
- S&P 500: CHK -77%; CNX -77%; SWN -75%; FCX -71%; FOSL -67%.
- Nasdaq: MU -59%; WDC -47%; STX -47%; VIAB -46%; BBBY -37%.
Dec. 10, 2015, 5:17 PM
- United Technologies (NYSE:UTX) +1.2% AH after it raises the lower end of its FY 2015 earnings forecast and announces a $1.5B restructuring plan aimed at cutting costs.
- UTX lifts the low end of its 2015 adjusted EPS by $0.05 to $6.20-$6.30 from its prior outlook for $6.15-$6.30, and foresees 2016 adjusted EPS of $6.30-$6.60 on sales of $56B-$58B.
- UTX also says it will implement a $1.5B three-year restructuring plan focused on structural cost reductions in high-cost locations, which is expected to save $900M/year; restructuring charges in 2015 are now seen at ~$400M, up from prior expectations of $300M.
- Also, UTX says it expects to record a $3.3B after-tax gain on the Sikorsky sale during the current quarter.
Dec. 1, 2015, 10:41 AM
- Otis Elevator (UTX +1.1%) has entered into a multimillion-dollar agreement with Prairie District3 Partners to supply elevator and escalator units for Chicago's McCormick Place convention facility campus.
- As part of the expansion, Otis will provide 39 units for the new event center and headquarters hotel.
United Technologies Corporation provides high technology products and services to the building systems and aerospace industries. Its business segments are Otis, UTC Climate, Controls & Security, Pratt & Whitney, UTC Aerospace Systems and Sikorsky.
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