Wed, Jun. 10, 2:38 AM
- After receiving several offers, United Technologies' (NYSE:UTX) board of directors is scheduled to meet later this week to review the options for its $8B Sikorsky aircraft business.
- UTC is considering two tax-efficient transactions for Sikorsky: a spin-off or combination with peer Textron (NYSE:TXT).
- Alternatively, Sikorsky may be sold outright to another company. Lockheed Martin (NYSE:LMT), Boeing (NYSE:BA) and Airbus (OTCPK:EADSY) have all expressed interest.
Mon, Jun. 8, 9:02 AM
- Airbus (OTCPK:EADSY) is "watching with interest" to see whether United Technologies (NYSE:UTX) puts its Sikorsky helicopter business up for sale, Allan McArtor, the head of Airbus' U.S. division, told Reuters.
- UTC expects to make a decision on whether the conglomerate will divest Sikorsky in a couple of months.
Tue, Jun. 2, 3:09 PM
- United Technologies' (UTX +0.2%) Sikorsky Aircraft says it is cutting 1,400 jobs in the next year, ~9.2% of its global workforce of 15,200 people, amid declining demand for helicopters to shuttle workers to offshore oil platforms.
- Employee and contract positions will be eliminated in Connecticut, Pennsylvania and Poland, and the company also will consolidate some manufacturing operations.
- Sikorsky says the cuts are not related to a review by UTX of whether to sell, spin off or divest the helicopter manufacturer; a decision is expected to be announced in about a month.
Thu, May 28, 2:54 PM
- Airbus (OTCPK:EADSF, OTCPK:EADSY) says it has encountered delays in flight trials of its new A320neo single-aisle jet because of a problem on one of the engines, although the program remains on track for its first plane delivery this year.
- Flight testing is on hold for the A320neo, powered by PW1100G engines from Pratt & Whitney (NYSE:UTX), but the delay should last only a matter of days, says the head of programs for Airbus' commercial jetliner unit; Pratt & Whitney says it understands the nature of the problem and is addressing it.
- Meeting its planned launch schedule is seen as critical for Airbus, which is battling Boeing (NYSE:BA) to win new orders in the key market of narrow-body aircraft.
- Earlier: Airbus looks to ramp up A320 production
Wed, May 27, 3:42 PM
- Lockheed Martin (LMT +0.4%) CEO Marillyn Hewson says the company is open to making large deals but declines to comment specifically on whether it is interested in buying all or part of United Technologies' (UTX +0.8%) Sikorsky Aircraft.
- “We have great debt capacity,” the CEO says, adding that the company remains committed to returning most of its free cash to shareholders over the next three years.
- LMT, Boeing (NYSE:BA) and Airbus (OTCPK:EADSF, OTCPK:EADSY) are among the companies said to be exploring bids for Sikorsky or perhaps for a minority stake; LMT already is a partner with Sikorsky on programs including a planned new rescue helicopter for the Air Force and the replacement for the rotorcraft used as Marine One by the U.S. president.
Fri, May 22, 9:20 AM
- The U.S. State Department has approved the sale of 10 Sikorsky (NYSE:UTX) MH-60R Seahawk helicopters to Saudi Arabia for $1.9B, authorizing a sale which had been discussed for years.
- The Saudi government had requested a sale of the helicopters, as well as radars, missiles and other equipment.
- UTX +0.3% premarket
Thu, May 21, 9:30 AM
- Alongside Goldman's list of 50 stocks appearing most as top holdings at hedge funds is its list of the 50 top shorts.
- New additions this quarter: Baxter Intl (NYSE:BAX), UPS, Marriott (NASDAQ:MAR), NextEra (NYSE:NEE), Ford (NYSE:F), National Oilwell Varco (NYSE:NOV), McDonald's (NYSE:MCD), M&T Bank (NYSE:MTB), CenturyLink (NYSE:CTL), Amgen (NASDAQ:AMGN), Pioneer Natural (NYSE:PXD), Duke Energy (NYSE:DUK), Seagate (NASDAQ:STX), AbbVie (NYSE:ABBV), Cisco (NASDAQ:CSCO).
- The full list (in order of $ value of short interest): AT&T (NYSE:T), Disney (NYSE:DIS), IBM, Verizon (NYSE:VZ), Intel (NASDAQ:INTC), Kinder Morgan (NYSE:KMI), Exxon (NYSE:XOM), Pfizer (NYSE:PFE), J&J (NYSE:JNJ), Deere (NYSE:DE), Caterpillar (NYSE:CAT), Exelon (NYSE:EXC), GE, Boeing (NYSE:BA), Halliburton (NYSE:HAL), Fox (NASDAQ:FOXA), Comcast (NASDAQ:CMCSA), UTX, Regeneron (NASDAQ:REGN), Merck (NYSE:MRK), salesforce.com (NYSE:CRM), AbbVie (ABBV), Conoco (NYSE:COP), Wal-Mart (NYSE:WMT), Eli Lilly (NYSE:LLY), Celgene (NASDAQ:CELG), Schlumberger (NYSE:SLB), AutoZone (NYSE:AZO), Wells Fargo (NYSE:WFC), Emerson (NYSE:EMR), McDonald's (MCD), Reynolds (NYSE:RAI), Target (NYSE:TGT), Accenture (NYSE:ACN), Coca-Cola (NYSE:KO).
Wed, May 20, 7:53 AM
- Airbus (OTCPK:EADSY) announces the first flight of its A320neo with engines supplied by CFM International.
- CFM's LEAP-1A engine is sold as an alternative power source for the jet in competition with the Geared Turbofan supplied by Pratt & Whitney (NYSE:UTX). The latter staged its maiden flight on the A320neo in September.
Tue, May 19, 6:51 PM
- United Technologies (NYSE:UTX) is talking to potential buyers for its Sikorsky Aircraft business, WSJ reports, raising the prospect that a spinoff could turn into a sale.
- Boeing (NYSE:BA), Airbus (OTCPK:EADSF, OTCPK:EADSY) and Lockheed Martin (NYSE:LMT) reportedly are among the companies exploring bids or a potential minority stake in the helicopter maker.
- Analysts estimate Sikorsky could fetch ~$10B in a full sale.
Tue, May 19, 4:54 AM
- Taking advantage of the lower borrowing costs in the eurozone, McDonald's (NYSE:MCD) and United Technologies (NYSE:UTX) are now the latest big U.S. companies to issue debt in euros (called "reverse Yankee" bonds), selling €2B and €750M, respectively.
- The total raised by U.S. companies issuing euro-denominated debt so far this year is just over €34B (not including the latest two deals), more than double the previous record of €17B in 2007.
Tue, May 12, 9:42 AM
- Bombardier ((OTCPK:BDRAF), (OTCQX:BDRBF)) is teaming up with Pratt & Whitney (UTX -1.1%) to develop a data management service for its CSeries aircraft.
- The Aircraft Health Management System will facilitate remote troubleshooting and transmit real-time and recorded data from the aircraft.
- Pratt & Whitney's eFAST system will be the infrastructure unit used to perform the data transmissions.
Fri, May 8, 6:28 PM
- GE is awarded a $2B five-year contract to supply helicopter engines to Taiwan's government and support a number of U.S. military services, the Defense Department reports.
- The contract covers work on GE's T700 701D and T700 401C engines used to power Black Hawk helicopters built by Sikorsky Aircraft (NYSE:UTX).
- The DoD also says Honeywell (NYSE:HON), Siemens (OTCPK:SIEGY) and others have been awarded a $1.5B U.S. Army contract for the design, construction and operation of energy savings projects.
Mon, Apr. 27, 3:38 PM
- F-35 engines from United Technologies (UTX -0.3%) are proving so unreliable that U.S. plans to increase production of the fighter jet may be slowed, congressional auditors say.
- Data from flight tests evaluated by the GAO show the reliability of engines from UTX’s Pratt & Whitney unit is "very poor (less than half of what it should be) and has limited” progress for the F-35, the agency said in a report sent to lawmakers this month.
- According to GAO officials, engines on the Marine Corps’ complex version of the F-35, designed for short takeoffs and vertical landings, flew ~47 hours between failures caused by engine design issues instead of the 90 hours planned for this point, while Air Force and Navy model engines flew ~25 hours between failures instead of the 120 hours planned.
- Bennett Croswell, president of Pratt & Whitney Military Engines, says the company was surprised by the report's unusually stern language but that "the engine is reliable."
- The U.S. military plans to spend $391B for a fleet of 2,443 planes from prime contractor Lockheed Martin (LMT -0.8%).
Mon, Apr. 27, 12:18 PM
Fri, Apr. 24, 7:50 AM
- In a regulatory filing, United Tech (NYSE:UTX) discloses it has been subpoenaed by the SEC as part of a formal investigation into alleged violations of anti-bribery laws.
- The subpoenas seek documents related to internal allegations of alleged violations of anti-bribery laws from UTC’s aerospace and commercial businesses, including but not limited to Otis businesses in China.
- SEC Form 10-Q
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
UTX vs. ETF Alternatives
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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