Tue, Oct. 20, 7:33 AM
- Net profit of $1.52B, or $1.61 per share vs. $1.85B, or $1.93 a share, in the same period a year ago. Excluding one-time items and restructuring charges, adjusted earnings per share were $1.67.
- Sales by segment: Otis +2%; UTC Climate, Controls & Security -2%; Pratt & Whitney +8%; UTC Aerospace +1%.
- UTX's Board of Directors authorized a new $12B share repurchase program, including the $6B accelerated share repurchase from net proceeds of the sale of Sikorsky (which is expected to close in Q4).
- The firm also confirmed it was on track to achieve its previous guidance range: EPS from continuing operations of $6.15-$6.30, on sales of $57B-$58B.
- UTX +0.4% premarket
- Q3 results
Tue, Oct. 20, 6:58 AM
Mon, Oct. 19, 5:30 PM
Tue, Jul. 21, 7:52 AM
- Net profit of $1.54B, or $1.73 per share vs. $1.68B, or $1.84 a share, in the same period a year ago. Excluding one-time items and restructuring charges, adjusted earnings per share were $1.81.
- Sales by segment: Otis -8%; UTC Climate, Controls & Security +1%; Pratt & Whitney +2%; UTC Aerospace flat; Sikorsky -29%.
- Yesterday, UTC reached an agreement to sell Sikorsky to Lockheed Martin for $9B. Sikorsky will be reported in discontinued operations beginning in Q3.
- "With six months of trends behind us, it is now clear the commercial aftermarket at UTC Aerospace Systems will be significantly below our expectations for the year," said CEO Gregory Hayes. We now expect 2015 operating profit at UTC Aerospace Systems to be down $25M-$75M and at Otis to be down $25M-$75M at constant currency.
- Full year guidance: EPS from continuing operations of $6.15-$6.30 (including Sikorsky) vs. $6.35 to $6.55. Sales expectations from continuing operations have been revised to $57B-$58B from $58B-$59B.
- UTX -4.1% premarket
- Q2 results
Tue, Jul. 21, 7:07 AM
Mon, Jul. 20, 5:30 PM
Tue, Apr. 21, 7:43 AM
- Net profit of $1.43B, or $1.58 per share vs. $1.21B, or $1.32 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share were $1.51.
- Otis elevator orders fell 7.1%, sales at Pratt & Whitney grew less than 1% to $3.33B, and sales at Sikorsky (which the company has been in talks about selling) fell 6.9% to $1.27B.
- Equipment orders at its UTC Climate, Controls & Security business were about flat at $3.85B.
- United Tech (NYSE:UTX) also affirmed its 2015 sales target of $65B-$66B and EPS guidance of $6.85-$7.05.
- UTX +1.1% premarket
- Q1 results
Tue, Apr. 21, 7:00 AM
Mon, Apr. 20, 5:30 PM
Mon, Jan. 26, 6:38 PM
- The story of Q4 at United Technologies (NYSE:UTX) "really is one word, and that’s ‘currency,’” CEO Greg Hayes says in the earnings conference call, as the company - which derives 62% of sales from outside the U.S. - is hurt by the strengthening dollar once those sales are translated back into the U.S. currency.
- UTX had projected a 6% decline in the value of the euro vs. the dollar when it briefed investors Dec. 10, but the euro has fallen another 12% since then, Hayes said, whacking $0.24 off anticipated FY 2015 EPS.
- To offset some of the currency impact, Hayes says UTX will costs and raise its planned share buyback for the year from $2B to $3B.
- UTX executives said nothing had changed in the company's fundamental outlook, backing its forecast for 3%-5% in organic sales growth for the year.
- UTX -2.1% AH.
Mon, Jan. 26, 4:51 PM
- United Technologies (NYSE:UTX) -2.3% AH after Q4 earnings met expectations but it cut its FY 2015 outlook due to negative impacts from the stronger dollar.
- UTX says it sees 2015 EPS of $6.85-$7.05 per share, down from its prior range of $7.00-$7.20 and below analyst consensus of $7.19, and FY 2015 revenues of $65B-$66B vs. $66.9B consensus.
- In Q4, UTX says new equipment orders at its Otis elevator business rose 12% Y/Y, excluding foreign exchange fluctuations, but sales at aerospace subsidiary Pratt & Whitney fell 6%.
- Equipment orders at UTC Climate, Controls & Security gained 11%; commercial aftermarket sales rose 5% for UTC Aerospace Systems.
Mon, Jan. 26, 4:11 PM
Mon, Jan. 26, 10:21 AM
Oct. 21, 2014, 7:39 AM
- United Technologies (NYSE:UTX) reports a Q3 net profit increase of $1.85B, up 31% Y/Y from $1.4B.
- Sales increased 5% Y/Y to $16.2B, all driven by organic growth.
- "With double-digit earnings and 4% organic sales growth through the first three quarters, UTC remains on track to deliver on our expectations for the year," says CEO Louis Chenevert. "Our solid backlog and organic growth trends continue to give us confidence in our earnings per share range of $6.75 to $6.85, on sales of about $65B."
- Q3 earnings
- UTX +1.5% premarket
Oct. 21, 2014, 7:00 AM
Oct. 20, 2014, 5:30 PM
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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