United Technologies CorporationNYSE
Tue, Oct. 25, 7:35 AM
- Adjusted income from continuing operations of $1.46B, or $1.76 per share vs. $1.48B, or $1.67 per share in the same period a year ago.
- Sales by segment: Otis -0.8%; UTC Climate, Controls & Security +3%; Pratt & Whitney +8%; UTC Aerospace +5%.
- Capex of $394M; Free cash flow of $1.6B, or 108% of net income attributable to common shareowners.
- "United Technologies delivered another quarter of strong financial performance," CEO Gregory Hayes declared. "We now expect slightly higher organic sales growth and we are raising the low end of our adjusted EPS outlook by ten cents and now expect 2016 EPS of $6.55 to $6.60 per share."
- UTX +3% premarket
- Q3 results
Tue, Oct. 25, 6:57 AM
Mon, Oct. 24, 5:30 PM
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Wed, Oct. 12, 2:41 PM
Mon, Oct. 10, 3:48 PM
- United Technologies (UTX -0.6%) is downgraded to Neutral from Buy with a $109 price target at Citigroup, which foresees challenges ahead for UTX and expects management to pull back 2020 targets at the March Investor Day.
- The firm also thinks 2017 consensus expectations for UTX look too high and manufacturing issues on the new geared turbofan engine likely create uncertainty over the size of potential penalties and impact on longer-term market share.
Sat, Oct. 8, 8:25 AM
- “This is the bottom” for Honeywell's (NYSE:HON) businesses exposed to the oil and gas industries, but troubles in the business jet industry “will get worse” next year, CEO David Cote said Friday, a day after the company cut its earnings and sales forecast, causing shares to slide 7.5% in their worst showing in five years.
- "This was a surprise," says William Blair's Nick Heymann, as HON had been considered a safe-haven stock amid sluggish industrial growth, on Cote's reputation and record of delivering on profit targets.
- Morgan Stanley analyst Nigel Coe compared HON’s announcement to a “paella bowl” dropped in front of investors and said “credibility is becoming a growing issue.”
- Other analysts are more confident: J.P. Morgan's Steve Tusa says "it's not that bad in the grand scheme," noting that HON’s profits are off ~5% YTD, roughly in line with its industrial peers.
- “While this quarter and maybe next quarter look to be a little bit worse than anticipated, we still believe they’re well positioned long term to benefit from growth opportunities," according to Edward Jones' Jeff WIndau.
- HON supplies parts to Textron (NYSE:TXT) and General Dynamics (NYSE:GD), which fell a respective 3.6% and 0.8% yesterday, while aerospace parts makers Heico (NYSE:HEI), B/E Aerospace (NASDAQ:BEAV) and TransDigm (NYSE:TDG) each slid more than 1%; also, GE slipped 0.6%, United Technologies (NYSE:UTX) fell 1.5%, and Boeing (NYSE:BA) lost 0.4%.
Fri, Oct. 7, 7:34 AM
- United Technologies (NYSE:UTX) will cut the overall size of its pension liabilities by about $1.77B in 2016.
- The company expects to incur a one-time pre-tax pension settlement charge of $400M-$530M for the fourth quarter.
- United Tech had future pension and post-retirement benefit obligations of $5.71B as of June 30.
Thu, Oct. 6, 10:55 AM
Fri, Sep. 16, 2:18 PM
- United Technologies' (UTX -2.4%) Pratt & Whitney division cuts the 2016 target for deliveries of its new jet engine, as the company copes with production issues that have slowed the turbine’s rollout.
- UTX CEO Greg Hayes says Pratt will hand deliver ~150 units this year, down from the 200 it previously expected, and that hitting 2016 cash flow targets "depends on getting engines out the door."
- The engine has ~800 parts, and difficulties with about five - particularly the fan blades - are causing problems that have slowed down production, Hayes says, adding that "we’re still struggling to come down the learning curve."
- The comments come after Bombardier last week cut the delivery forecast for its new CSeries aircraft because of delays in getting Pratt engines.
Wed, Sep. 14, 6:14 PM
- United Technologies (NYSE:UTX) says President and CEO Gregory Hayes will add the role of Chairman to his duties, effective immediately.
- Hayes succeeds Edward Kangas, who will serve as independent lead director.
- Hayes, a 27-year veteran of the company, became President and CEO in November 2014 after six years as CFO.
Tue, Sep. 6, 8:11 AM
- Bombardier (OTCQX:BDRAF, OTCQX:BDRBF) has more than halved its CSeries aircraft delivery forecast for the year, cutting its forecast to 7 from 15 aircraft, citing engine delivery delays by supplier Pratt & Whitney (NYSE:UTX).
- The change will result in revenues at the lower end of its previously forecast range of $16.5B-$17.5B, but isn't expected to have a material effect on EBIT, which is expected at the upper end of its $200M-$400M range.
Mon, Aug. 29, 7:28 AM| Mon, Aug. 29, 7:28 AM | 1 Comment
Mon, Aug. 29, 6:43 AM
- China is launching its first aircraft-engine manufacturer in an attempt to wean itself off Western suppliers, like General Electric (NYSE:GE) and United Technologies' (NYSE:UTX) Pratt & Whitney.
- The state-owned Aero Engine Corp. of China was created by combining a group of existing aircraft-engine companies, according to local media reports.
- It has about 50B yuan ($7.5B) in registered capital and will develop both military and commercial engines.
Wed, Aug. 17, 8:28 AM
Tue, Jul. 26, 8:38 AM
- Adjusted income from continuing operations of $1.5B, or $1.82 per share vs. $1.5B, or $1.67 per share in the same period a year ago.
- Sales by segment: Otis flat; UTC Climate, Controls & Security flat; Pratt & Whitney +4%; UTC Aerospace +2%.
- Capex of $363M; Free cash flow of $1.4B, or 100% of net income attributable to common shareowners.
- "United Technologies had a solid first half of the year with 2% organic sales growth, and we remain on track to meet our growth targets for 2020," CEO Gregory Hayes declared. "As a result of our solid financial performance through Q2, we are raising the low end of our 2016 adjusted EPS outlook by $0.15 to $6.45-$6.60 per share, on increased sales of $57B-$58B."
- UTX +1.9% premarket
- Q2 results
Tue, Jul. 26, 6:58 AM