Jul. 8, 2014, 1:45 AM
- Most Lockheed Martin (LMT) F-35 fighter jets have been inspected, after the entire fleet was grounded last week. The U.S. military had suspended all flights after an engine broke apart and caught fire at an Air Force Base in Florida.
- The incident has put contract negotiations for the next batch of fighter jets and engines on hold. The warplane's engine is manufactured by Pratt & Whitney (UTX).
- The F-35 was also supposed to make its international debut at two air shows in Britain on Friday and next week, although no decision has yet been made on whether to allow the jets to fly to Britain.
Jul. 4, 2014, 2:02 AM
- The U.S. military has grounded its entire fleet of Lockheed Martin (LMT) F-35 fighter jets, until additional inspections are conducted on the warplane's engine manufactured by Pratt & Whitney (UTX).
- It was reported yesterday that U.S. and British authorities were looking into requiring mandatory inspections on the F-35, after an engine caught fire in Florida last week.
Jul. 3, 2014, 9:46 AMU.S. and British authorities are looking to require mandatory inspections on all Lockheed Martin (LMT +0.6%) F-35 fighter jets, after another incident took place last week involving an engine fire. The engines are manufactured by Pratt & Whitney (UTX +0.5%). | 7 Comments
Jul. 2, 2014, 4:38 AM
- Reuters reports American Airlines (AAL) is close to completing a $2.6B engine order from CFM International, a joint venture between GE (GE) and Safran (SAFRF). The 200 new engines will be placed on new Airbus A320neo jetliners that the company has on a firm order.
- The purchase will mark a loss for United Technologies' (UTX) Pratt and Whitney unit, the only other engine maker for the A320neo.
- AAL +0.1% AH
Jun. 26, 2014, 5:45 PM
- The Pentagon awards a $1.28B contract to United Technologies' (UTX) Sikorsky division for combat rescue helicopters to replace an aging fleet; it is Sikorsky’s second major chopper contract from the military in less than two months.
- The agreement could be worth up to $7.9B if all options are exercised for as many as 112 new helicopters based on the UH-60M Black Hawk made by Sikorsky in partnership with Lockheed Martin (LMT), which is building the onboard mission systems.
- The program's future still rests on the outcome of congressional wrangling over the latest defense budget and efforts to prevent the retirement of the A-10 jet.
Jun. 19, 2014, 8:21 AM| Comment!
Jun. 16, 2014, 1:47 AM
- After a a Marine Corps Lockheed Martin (LMT) F-35B model experienced an in-flight emergency last week, the U.S. military has ordered mandatory inspections on all F-35 fighter jets before any further flights.
- The issue relates to the engine's oil flow management valve fitting, built by Pratt & Whitney (UTX).
- LMT -0.02% AH
- UTX -0.12% AH
Jun. 12, 2014, 7:27 AM
Jun. 5, 2014, 3:39 PM
- United Technologies (UTX +0.8%) CFO Gregory Hayes says testing of Bombardier's (BDRBF, BOMBF) CSeries jet should resume soon based on the early findings of an investigation into a fault in one of the plane's engines.
- Pratt & Whitney, the UTX engine arm, has been inspecting a PW1500 turbine that suffered a major fault last week during ground testing of a CSeries test plane.
- Investigation of the incident continues, but the fault is not linked to the gear technology that is key to delivering the engine's fuel-efficiency gains Pratt & Whitney is promising, Hayes says.
May. 30, 2014, 4:49 PM
- Bombardier's (BDRBF, BOMBF) CSeries jet experienced a major engine failure during ground testing, and the jet's flight test program is suspended pending an inquiry, in a potential setback in its effort to compete with Boeing (BA) and Airbus (EADSF, EADSY).
- Further time lost in trials would extend the struggles for a plane Bombardier hopes will produce as much as $8B/year in revenue later this decade.
- The CSeries is powered by new engines developed by the Pratt & Whitney unit of United Technologies (UTX) that use a geared system to let different parts of the engine spin at different speeds, offering better fuel consumption than traditional designs.
May. 21, 2014, 10:55 AM
- The U.S. Navy is in talks with other governments to boost by 50% the planned purchase of CH-53K helicopters built by United Technologies' (UTX +1.5%) Sikorsky unit.
- Negotiations to sell as many as 100 of the new heavy lift helicopters are well under way, according to the Navy's international program manager for heavy lift helicopters.
- The CH-53K has far more powerful engines than the current model can deliver; the engines, supplied by GE, allow the helicopter to carry 27K lbs. of cargo over a range of 110 nautical miles.
May. 20, 2014, 10:45 AM
- United Technologies' (UTX -0.7%) Pratt & Whitney unit says it has signed more than $10B in long-term supply agreements in the past year.
- The agreements with more than 90 suppliers include parts for Pratt's new geared turbofan engine, which is helping revitalize the company's business providing engines to commercial jets.
- The unit also says it is making significant investments in its global facilities as it prepares for an increase in commercial and military engine production.
May. 7, 2014, 6:19 PM
- United Technologies' (UTX) Sikorsky Aircraft unit wins an initial $1.24B Pentagon contract for six new U.S. presidential helicopters, the first step toward a fleet of 21 new aircraft by 2023.
- Sikorsky is awarded a fixed-price incentive type contract, which sets a ceiling while rewarding a contract for keeping costs less than targets; an earlier program managed by Lockheed Martin was canceled in 2009 after what started as a $6.1B project for as many as 28 copters grew to a projected $13B.
- GE will supply engines for the Marine One, a modified version of Sikorsky’s S-92 helicopter.
Apr. 25, 2014, 10:39 AM
- United Technologies (UTX -1%) discloses that the SEC is investigating one of its non-employee sales reps who sold jet engines in China.
- UTX says the SEC issued a subpoena seeking documents related to disclosures of sales of its Pratt & Whitney engines and International Aero Engines.
- UTX says the probe follows its voluntary disclosures to U.S. regulators, which resulted in the company suspending payments to the salesperson, triggering a lawsuit and an arbitration claim.
Apr. 25, 2014, 9:11 AM
- Ballard Power (BLDP) +8.4% premarket after announcing the acquisition of the transportation- and stationary-related fuel cell intellectual property assets of United Technologies (UTX).
- The assets consist of ~800 patents and patent applications, as well as patent licenses, invention disclosures and know-how primarily related to Proton Exchange Membrane fuel cell technology.
- UTX receives 5.1M BLDP common shares, $2M cash, a grant-back license to use the patent portfolio in its existing businesses and a royalty on BLDP's future IP licensing income generated from the combined IP portfolio.
Apr. 22, 2014, 3:54 PM
- United Technologies (UTX +0.9%) CFO Greg Hayes says Q1's 19% Y/Y rise in orders for the company's Carrier heating and cooling systems - despite the harsh winter weather conditions - suggests growing strength in the U.S. housing market.
- Hayes says Carrier's residential business historically has proven a reliable indicator about the state of the U.S. housing market; in 2007, Carrier's sliding sales foreshadowed the coming housing bust, but "here it is 2014 and it's going the other way, so we feel pretty good about the U.S. economy."
- Sterne Agee likes what it saw in UTX's Q1 results, reiterating its Buy rating, while RBC Capital calls the quarter a good start on the way toward improved growth through the year.
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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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