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
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
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.
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
Nov. 11, 2014, 10:10 AM| 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.
Oct. 31, 2014, 6:56 AM| 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.
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."
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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