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United Technologies Corporation (UTX)

  • Mar. 13, 2014, 2:32 PM
    • United Technologies (UTX -2.3%) issues downside Q1 earnings guidance, seeing EPS of $1.25, well below analyst consensus forecast of $1.39, while its updated FY 2014 EPS guidance of $6.55-$6.85 leaves little room to beat forecasts for $6.82.
    • Says it aims to increase revenue by mid-single-digit percentages annually, excluding acquisitions, from now until 2020.
    • Shares are now the Dow's biggest decliner today.
    | 1 Comment
  • Mar. 4, 2014, 6:51 PM
    • The Pentagon said today that it would continue funding toward a new Sikorsky military rescue helicopter, paving the way for a potential contract award later this year to sole bidder United Technologies (UTX) that could eventually be worth more than $10B.
    • The last-minute reprieve for the program follows intense lobbying by members of Congress, many of whom are critical of the broader $495B Pentagon budget. triggering horse-trading over various individual weapons purchases and planned cuts in the armed forces.
    • U.S. Air Force officials had said previously that while the helicopter was needed, it may not make the cut because of budget pressures and other priorities.
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  • Jan. 27, 2014, 11:00 AM
    • A spinoff of the helicopter maker looks to be the most likely option, reports DefenseNews, but an outright sale or a strategic merger are also being looked at. Unclear is how long a spinoff might take or who a buyer might be in a sale.
    • The company declined to comment, but former Pentagon manufacturing and industrial policy chief Brett Lambert says current market conditions make the timing ripe,  and expects more M&A and spinoff activity in the next 12 months than has been seen in the last 36.
    • UTX +2.4%
  • Jan. 22, 2014, 7:40 AM
    • United Tech (UTX -1.7%) "Comprehensive income" $3.9B vs $1.27B a year earlier, which included greater restructuring costs and other one-time charges.
    • Organic sales +4%.
    • Sales breakdown: Otis $3.34B vs $2.205B in 2012; Climate, Controls & Security $4.19B vs $4.15B; Pratt & Whitney $4.09B vs $3.89B; Aerospace Systems $3.45B vs $3.17B; Sikorsky $1.9B vs $3.17B.
    • United Tech expects 2014 EPS of $6.55-6.85 vs consensus of 6.82 and sales of $64B vs $65.36B
    • Intends to buy back $1B worth of shares in 2014 and spend the same amount on acquisitions. (PR)
  • Jan. 22, 2014, 7:01 AM
    • United Technologies Corp. (UTX): Q4 EPS of $1.67 may not be comparable to estimates of $1.53.
    • GAAP EPS of $1.58; results include $0.11 of restructuring charges, partially offset by $0.02 of net favorable one-time items.
    • Revenue of $16.8B (+2.4% Y/Y) misses by $290M.
    • Press Release
    | 1 Comment
  • Jan. 22, 2014, 12:05 AM
  • Jan. 21, 2014, 5:30 PM
  • Dec. 12, 2013, 5:35 PM
    • United Technologies (UTX) -1.9% AH after an investor day presentation forecasts FY 2013 EPS of ~$6.15, narrowed from an earlier $6.10-$6.15 and in-line with $6.15 analyst consensus estimate, and reaffirms revenue guidance of ~$63B vs. $63.05B consensus.
    • For 2014, UTX sees EPS of $6.55-$6.85 vs. $6.84 consensus and revenue of ~$64B vs. $66.2B consensus.
    • Reiterates restructuring expense of ~$500M.
  • Oct. 22, 2013, 7:39 AM
    • United Tech's (UTX) net profit edges up to $1.43B from $1.42B last year. Earnings include $0.08 a share of restructuring costs.
    • Income from continuing operations $1.415B vs $1.25B.
    • Raises the low end of FY EPS outlook by 10 cents and now expects $6.10-6.15 vs consensus of $6.16. However, forecasts sales of $63B vs previous guidance of $64B, due to the "weakness in military aerospace markets and the slow pace of recovery in Europe." Consensus is for $63.9B.
    • United Tech expects to invest $500M in restructuring in 2013, with one-time items to offset restructuring costs. (Previous) (PR)
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  • Oct. 22, 2013, 7:01 AM
    • United Technologies (UTX): Q3 EPS of $1.63 beats by $0.09.
    • Revenue of $15.5B (+3% Y/Y) misses by $0.68B. (PR)
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  • Oct. 22, 2013, 12:05 AM
  • Oct. 21, 2013, 5:30 PM
  • Oct. 9, 2013, 2:29 PM
    • United Technologies (UTX +0.4%) is raising its quarterly dividend to $0.589/share from a prior $0.535/share. The company now has a forward yield of 2.3%. (PR)
    • UTC's next dividend is payable Dec. 10 to shareholders on record as of Nov. 15. The ex-dividend date is Nov. 13.
  • Oct. 8, 2013, 3:23 PM
    • Five percent of all billings to United Technologies' (UTX -0.7%) Pratt & Whitney unit will be held back until the company fixes flaws in a system used to track cost and schedule performance, according to a Defense Department spokesman. The 5% is the maximum that can be held back over such issues.
    • "We have submitted corrective action plans," says Pratt & Whitney, "and are working closely" with the Pentagon's Contract Management Agency.
    • Through August, the Pentagon has withheld $195M in payments to the F-35's prime contractor, Lockheed Martin (LMT -0.5%), over flaws in its contract management systems, but Lockheed was recently informed the amount held back has been reduced to 2% of billings from 5%.
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  • Oct. 6, 2013, 1:35 AM
    • United Technologies (UTX) unit Sikorsky Aircraft has canceled plans to furlough almost 2,000 staff after Defense Secretary Chuck Hagel said that he is ordering most of the Pentagon's 400,000 civilian employees to return to work.
    • United Tech had also said it would have to keep staff at its Pratt & Whitney and Aerospace Systems businesses at home if the government shutdown were to drag on this next week.
    • Lockheed Martin (LMT), which intends to furlough 3,000 staffers on Monday, hasn't yet decided whether to reduce or drop those plans.
    • Other companies affected by the return of Pentagon workers include BA, GD, NOC, AVAV, KTOS, HON, TXT, EADSF.PK and BAESF.PK.
  • Oct. 2, 2013, 5:33 PM
    • United Technologies (UTX) says the government shutdown means DCMA inspectors will not be available for audits and approvals of military products and as such, "certain defense manufacturing work must be halted, which will result in employee furloughs."
    • Specifically, UTX will place ~2K Sikorsky workers on furlough starting Monday and will be forced to furlough employees in its Pratt & Whitney and Aerospace Systems businesses if the shutdown drags on through next week.
    • Should the shutdown somehow be allowed to continue into November, the number of affected employees could exceed 5K, the company warns. (PR)
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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