Seeking Alpha

United Technologies Corporation (UTX)

  • 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.
    • Homebuilder ETFs: ITB, XHB
    | Comment!
  • Apr. 22, 2014, 7:19 AM
    • United Tech (UTX) net profit -4% to $1.2B, or $1.32 a share, including $0.09 a share of restructuring costs.
    • Segment operating profit +4%.
    • Sales breakdown: Otis $3B vs $2.81B a year earlier; Climate, Controls & Security $3.85B vs $3.84B; Pratt & Whitney $3.33B vs $3.4B; Aerospace Systems $3.45B vs $3.26B; Sikorsky $1.36B vs $1.25B.
    • To increase restructuring spending to $375M from $300M.
    • Increases lower end of 2014 EPS outlook and now expects $6.65-6.85 vs $6.55-6.85 previously and consensus of $6.83.
    • "Continued organic growth and orders strength give us confidence in our sales expectation of $64B for 2014," says CEO Louis Chenevert. (PR)
    • Previous
    | Comment!
  • Apr. 22, 2014, 7:00 AM
    • United Technologies (UTX): Q1 EPS of $1.23 misses by $0.04.
    • Revenue of $14.75B (+2.4% Y/Y) in-line.
    • Press Release
    | 1 Comment
  • Apr. 22, 2014, 12:05 AM
  • Apr. 21, 2014, 5:30 PM
  • Apr. 16, 2014, 9:12 AM
    • The Pentagon would have to cut $40B of its planned spending on operations and maintenance from 2016-2019 if Congress doesn't stop automatic budget cuts that are due to take effect in 2016.
    • In a report yesterday, the DOD also said the R&D budget would fall $18B to $337B.
    • Companies that would be affected include Lockheed Martin (LMT) and its F-35 program, Boeing (BA), Northrop Grumman (NOC), United Technologies (UTX), GD (GD) and Huntington Ingalls Industries (HII).
  • Apr. 9, 2014, 8:13 AM
    • Lieutenant-General Chris Bogdan, who manages the F-35 fighter jet program for the Pentagon, expects the government to reach agreements with Lockheed Martin (LMT) and engine maker Pratt & Whitney (UTX) for the next order of the aircraft by the end of next month.
    • Bogdan wants Pratt to lower the cost of the engines by more than 2.5%, saying that the company hadn't met any of the goals set in 2009 for reducing the price.
    • The cost of F-35 is $112M each, although the government wants to slash it to $80-85M by 2019.
  • Mar. 24, 2014, 8:47 AM
    • Airbus (EADSF) has received an order for 37 A320 neo jets from Tigerair (TAIRF) in a deal worth $3.8B at list prices, although the Asian budget carrier  said that the actual price was "significantly lower."
    • The aircraft will be installed with engines from United Tech's (UTX) Pratt & Whitney.
    • Tigerair, which is 40%-owned by Singapore Airlines (SINGY), also has an option for an extra 13 A320 neo aircraft.
    • The operator has canceled an existing order for nine A320 jets.
    | Comment!
  • 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.
    | Comment!
  • 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
Visit Seeking Alpha's
UTX vs. ETF Alternatives
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