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.
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| Comment!
Oct. 20, 2014, 5:30 PM
Oct. 3, 2014, 7:25 AM| Comment!
Sep. 25, 2014, 4:59 PM
- India's government is expected to choose Sikorsky Aircraft's (NYSE:UTX) S-70B Sea Hawk helicopters at a 16-aircraft tender worth more than $1B, which could be announced during a U.S. visit by new Prime Minister Modi that starts tomorrow, Reuters reports.
- The Sikorsky deal would be one of several large U.S. arms purchases by India that are nearing completion, including more than $2.5B in orders for Boeing's (NYSE:BA) AH-64D Apache and CH-47 Chinook helicopters.
Sep. 25, 2014, 8:29 AM
- Lockheed Martin (NYSE:LMT) expects the cost of its F-35 fighter jet to drop to its target level by 2019 and still sees the first version of the aircraft combat-ready by mid-2015, despite an engine fire which still needs a fix.
- South Korea's decision to order 40 F-35s for ~$7B further lowers the program's cost, and LMT sees the per-unit cost down to $80M-$85M by 2019 from the current rate of ~$115M.
- LMT, Pratt & Whitney (NYSE:UTX) and other suppliers are investing heavily to drive down the program's projected $400B cost, making it more affordable for cash-strapped governments.
Sep. 16, 2014, 8:01 AM
- Pratt & Whitney (NYSE:UTX) says it is close to signing a deal with the Pentagon, to supply more engines for the F-35 fighter jet program.
- The two-batch deal is expected to be worth more than $1B, but the company must first iron out issues centered around it's June engine fire, which grounded the F-35 fleet for weeks.
- Pratt President Bennett Croswell tells reporters that the company has already more than halved the cost of each F-35 engine, resulting in prices 7.5% to 8% cheaper than the firm's last batch.
Sep. 3, 2014, 10:58 AM
- Following an earlier report which stated Pratt & Whitney (UTX -0.1%) will begin testing a design change on the engine of Lockheed Martin's (LMT -0.1%) F-35, Pentagon chief arms buyer Frank Kendall has now announced that the cost of the fix will be minimal.
- "I am getting, over time, more confident that we've got our arms around that problem and are solving it," says Kendall. "I don’t think it’s going to be a huge cost. I think it's a relatively minor cost."
Sep. 3, 2014, 8:03 AM
- Pratt & Whitney (NYSE:UTX) will begin testing a design change this week to fix the issue which caused a massive engine failure aboard a Lockheed Martin (NYSE:LMT) F-35 fighter jet in June.
- The failure caused the engine to break apart and catch fire, resulting in the grounding of the entire F-35 fleet for several weeks. Flights have recently resumed, although certain restrictions still apply.
- Following Friday's temporary suspension on delivery of engines due to questions over titanium origins, Pratt has now sued its titanium supplier A&P Alloys for fraud and breach of contract.
Aug. 29, 2014, 6:15 PM
- United Technologies' (NYSE:UTX) Pratt & Whitney unit says it suspended delivery of engines for the F-35 jet, the Pentagon’s costliest weapons program, over concern that a supplier may have provided “suspect” titanium.
- UTX says delivery was halted in May after an in-house inspection and testing process raised questions about the origin of the titanium; UTX replaced all suspect engine parts in its inventory for failing to meet specifications, but determined the titanium in 147 F-35 engines already delivered did not pose a flight safety risk.
- The Pratt & Whitney engine accounts for $68.4B of the $398.6B projected cost of the F-35 being built by Lockheed Martin (NYSE:LMT).
Aug. 27, 2014, 9:26 AM| Comment!
Aug. 14, 2014, 6:58 AM
- United Technologies (NYSE:UTX) is recalling ESL and Interlogix smoke detectors that were sold from March 2013 to February 2014.
- A malfunction may allow radio frequency interference to cause the detectors to fail to alert users of a fire.
- The recall affects approximately 141K models in the U.S. and 13K in Canada.
Aug. 14, 2014, 4:27 AM
- Restrictions on Lockheed Martin (NYSE:LMT) F-35 fighter jets have again been reduced, allowing the 20+ test planes in the U.S. fleet to fly six hours between engine inspections instead of three.
- The jets were grounded for three weeks after a June 23 engine failure, and have since been imposed with flight limitations.
- Contract talks between prime contractor Lockheed, and enginemaker Pratt & Whitney (NYSE:UTX) are said to be now progressing for the next batch of aircraft and engines.
Aug. 12, 2014, 3:44 PM
- The U.S. Army selects Textron's (TXT -0.3%) Bell Helicopter unit and a team of Boeing (BA -0.2%) and United Technologies' (UTX -0.7%) Sikorsky Aircraft to develop the next phase of a helicopter replacement program the Pentagon forecasts could be worth as much as $100B.
- TXT and the Boeing-Sikorsky team were chosen from among four bidders vying to build a demonstrator for the Army's planned Joint Multi-Role helicopter, which would replace Boeing's Apaches and Sikorsky's Black Hawks.
- While the program will not generate significant revenues for several years, investors are watching the test phase as manufacturers position themselves with new technology aimed at making military helicopters fly faster and longer.
Aug. 7, 2014, 5:49 PM
- Boeing (NYSE:BA) and United Technologies (NYSE:UTX) have been stockpiling titanium parts in case rising economic tensions disrupt supplies from the Russian producer the two U.S. companies rely on for the metal that is critical to building jetliners, WSJ reports.
- The aerospace giants, as well as Europe's Airbus (OTCPK:EADSF, OTCPK:EADSY), buy a substantial share of their titanium from VSMPO, the world's largest titanium producer; VSMPO also supplies ~35% of the titanium Boeing uses for commercial jetliners, with U.S. companies Allegheny Technologies (NYSE:ATI), RTI International Metals (NYSE:RTI) and Precision Castparts (NYSE:PCP) unit Titanium Metals supplying the rest.
- BA and UTX are said to have been stockpiling as much as six extra months' supply of highly customized titanium forgings.
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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