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United Technologies Corporation (UTX)

- NYSE
  • Dec. 12, 2014, 3:35 PM
    • New United Technologies (UTX -1.1%) CEO Greg Hayes said at its analyst day yesterday the company would not offer an engine for widebody planes anytime soon, noting UTX "cannot continue to afford to invest at these levels... We had $1.1B of R&D at Pratt, $800M at Aerospace Systems. That’s not sustainable for us at that level. It’s got to come down closer to 4% or 5% of sales."
    • At 4% or 5% of sales and based on 2013 revenues of $14.5B, Pratt & Whitney R&D would drop to $580M-$725M, 24/7's Paul Ausick calculates, leading him to wonder if UTX is "giving up on building new jet engines."
    • UTX's Pratt & Whitney unit is offering its new geared turbofan engine for smaller commercial airplanes, such as Airbus' popular A320neo narrowbody jet, and some industry watchers have wondered if Pratt would seek to scale it up for larger planes.
    | 5 Comments
  • Dec. 11, 2014, 5:34 PM
    • United Technologies (NYSE:UTX) -0.9% AH after it forecasts 2015 earnings and revenues to come in below market expectations, as it eyes slightly lower sales at its Pratt & Whitney military and commercial original equipment business.
    • UTX says in an investor presentation that it expects FY 2015 EPS of $7.00-$7.20 on revenues of $66B-$67B, while analyst consensus had seen EPS of $7.27B on $67.5B in revenues.
    • Also sees 2014 EPS of $6.80, at the mid-point of the previous earnings outlook of $6.75-$6.85, and reaffirms revenue guidance of ~$65B.
    • Separately, new CEO Greg Hayes tells WSJ he is hunting for a major acquisition and is willing to consider changes to a UTX portfolio that includes Otis elevators, Black Hawk helicopters and Carrier air conditioning systems.
    | 2 Comments
  • Dec. 10, 2014, 7:18 AM
    • The $1.1T spending bill agreed to last night by lawmakers from the U.S. House and Senate provides $554.2B in funding for the U.S. military in fiscal 2015, including $1.46B for 15 EA-18G electronic attack jets built by Boeing (NYSE:BA).
    • The measure also includes $479M for a total of four extra Lockheed Martin (NYSE:LMT) F-35s for the U.S. Air Force and Navy.
    • $341M in additional funding was also added to the measure for upgrades of up to 12 AH-64 Apache helicopters built by Boeing, and 9 Black Hawk helicopters built by Sikorsky Aircraft (NYSE:UTX).
    | Comment!
  • Dec. 9, 2014, 7:26 AM
    • United Technologies (NYSE:UTX) is bringing back a company veteran as finance chief, after appointing former CFO Greg Hayes as CEO last month.
    • Akhil Johri, who had spent 26 years at United Tech prior to becoming CFO at Pall (NYSE:PLL), will become UTC's CFO starting Jan. 1.
    | Comment!
  • Dec. 8, 2014, 2:26 PM
    • United Technologies (UTX +1.7%) unit Pratt & Whitney Canada says it will invest more than C$1B ($874M) over four and a half years to develop new high-performance plane engines.
    • UTX says the C$1B in R&D spending includes C$300M from Canada's federal government, which is repayable.
    • The investment will support close to 1,500 jobs in Quebec and Ontario over the next five years, according to the government.
    • Bernstein upgrades shares to Outperform from Market Perform ahead of the news.
    | Comment!
  • Dec. 8, 2014, 2:39 AM
    • United Technologies' (NYSE:UTX) new chairman, Edward Kangas, says former CEO Louis Chenevert stepped down late last month after Kangas spoke to him out of concern about his priorities.
    • "It was just a growing issue and concern which caused me, with counsel from the board, to discuss with Louis his priorities - personal and business," says Kangas. "After consideration, Louis concluded that the company was in a good place...and it was a good time for him to retire."
    • A reason for the resignation was not given at the time of Chenevert's departure.
    • Previously: United Technology CEO steps down (Nov. 24 2014)
    | 1 Comment
  • Dec. 7, 2014, 4:41 AM
    • India will buy 16 of Sikorsky Aircraft's (NYSE:UTX) S-70B Sea Hawk helicopters, under a $1B deal that was expected since September.
    • The U.S. manufacturer will supply the S-70B Seahawk multi-role helicopters to the Indian Navy. The contract also includes an option for eight additional helicopters.
    • Previously: Reuters: India eyes $1B Sikorsky helicopter deal, other U.S. arms (Sep. 25 2014)
    | 2 Comments
  • Nov. 26, 2014, 8:42 AM
    • Louis Chenevert, who unexpectedly retired as United Technologies (NYSE:UTX) CEO on Monday, is leaving the company with a pay package of $172M.
    • That sum includes $109M of vesting option awards, $32M of vesting performance-based restricted-stock awards and a pension worth $31M.
    • Reasons behind the abrupt departure is still unknown. A company spokesman said Chenevert’s leaving wasn’t related to financial performance.
    • Previously: United Technology CEO steps down
    | 8 Comments
  • Nov. 24, 2014, 7:18 AM
    • Replacing Louis Chenevert in the CEO slot, effective immediately, is CFO Gregory Hayes. Chenevert is also  stepping down from the board chairman position, and lead independent  Edward Kangas has been elected non-executive chairman.
    • Kangas is the former chairman and CEO of Deloitte, Touche.
    • UTX also reaffirms expectations for 2014 EPS o $6.75-$6.85 on revenue of about $65B.
    • Source: Press Release
    | Comment!
  • Nov. 21, 2014, 5:32 PM
    • The Defense Department awards Lockheed Martin (NYSE:LMT) a contract valued at $4.7B for an eighth batch of F-35 fighter jets, marking a drop in the cost per plane of 3.5% from the last contract and a 57% reduction from the first batch.
    • Lockheed's F-35 program manager said the latest contract showed the company was making steady progress in reducing the cost of the most advanced U.S. warplane.
    • The Pentagon has signed a separate contract valued at $1.05B for an eighth batch of engines built by United Technologies' (NYSE:UTX) Pratt & Whitney unit to power the jets.
    | 1 Comment
  • Nov. 21, 2014, 8:56 AM
    • Noresco, part of United Technologies' (NYSE:UTX) UTC Building & Industrial unit, has been awarded a $43M energy savings performance contract for work at Fort Jackson in South Carolina.
    • The infrastructure project includes improvements to lighting and upgrades to energy management control systems, central plant facilities and water systems.
    • UTX +1.1% premarket
    | Comment!
  • Nov. 11, 2014, 10:10 AM
    • China Airlines selects United Tech's (UTX -0.3%) UTC Aerospace Systems to supply the wheels and carbon brakes for its fleet of 14 Airbus A350-900 aircraft.
    • The company will provide the equipment through its Landing Systems facility in Troy, Ohio.
    | Comment!
  • Nov. 6, 2014, 9:54 AM
    • United Tech (UTX +0.4%) unit UTC Aerospace Systems is supporting the development of Boeing's CST-100, which won a $4.2B Commercial Crew Transportation Capability Contract from NASA in September.
    • UTC Aerospace Systems will be responsible for the design, development, qualification and production of components for the Environmental Control and Life Support Subsystem aboard the CST-100.
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  • Oct. 31, 2014, 6:56 AM
    • Pratt & Whitney (NYSE:UTX) has received a contract to build an eighth batch of 48 engines for the F-35, lowering the cost of the engines by 3.5-4.5%.
    • The new $793M contract comes after an earlier $259M award for initial work on the engines.
    | Comment!
  • Oct. 30, 2014, 11:33 AM
    • United Technologies' (UTX -0.4%) Sikorsky Aircraft unit says it is pulling out of the bidding for a $3B contract to supply helicopters to the Polish military.
    • Sikorsky says it is withdrawing because it would have been impossible to deliver their Black Hawk helicopters according to the tender requirements.
    • Sikorsky (OTCPK:EADSF, OTCPK:EADSY) was competing with Airbus Group and AugustaWestland, owned by Finmeccanica (OTCPK:FINMF), for a deal to supply 70 machines.
    | 3 Comments
  • 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
    | Comment!
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Company Description
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.
Country: United States