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.
Aug. 4, 2014, 10:14 AM
- Under a new Comprehensive Accessory Repair and Exchange (C.A.R.E.) program, Singapore Airlines' (OTCPK:SINGY) subsidiary, Scoot Pte., has selected United Tech (UTX +0.2%) unit UTC Aerospace Systems to provide repair services for components on its Boeing 787 aircraft.
- UTC Aerospace Systems has had C.A.R.E. programs in place with Singapore Airlines to support the airline's Boeing 777 and Airbus A380 fleet since 2008.
Aug. 4, 2014, 8:26 AM
- Boeing (NYSE:BA) has chosen United Tech (NYSE:UTX) unit UTC Aerospace Systems' Aerostructures business to build nacelle systems for its 787-10 Dreamliner.
- "After being part of the Boeing 787 Dreamliner journey from concept to production for the past ten years, we're gratified Boeing has selected us to continue the next leg with them," says Aerostructures President Marc Duvall.
- The Aerostructures business was awarded the contract to provide inlets, thrust reversers, fan cowls and exhaust systems for both the GE and Rolls-Royce engine options on the 787-8 and 787-9 in 2004 and will now include the 787-10 Dreamliner.
Jul. 23, 2014, 9:54 AM
- Shares of United Technologies' (UTX -0.4%) slipped lower after Wells Fargo downgraded stock's rating to Market Perform from Outperform stating an overly-optimistic earnings outlook.
- Despite being at the Outperform level for the last three years, the investment firm lowered the PT on the stock to a range of $110-$115 from $128-$132.
Jul. 22, 2014, 8:25 AM
- United Technologies (NYSE:UTX) reports a Q2 net profit increase of $1.68B, up 7.7% Y/Y from $1.56B.
- Sales increased 7% Y/Y to $17.2B, while revenue climbed 7.4% to $17.19B.
- "Our focus on growth opportunities and execution in our core markets resulted in another solid quarter," says CEO Louis Chenevert. "We saw a fourth consecutive quarter of organic sales growth, along with strong margin expansion."
- The company also raised the lower end of its earnings guidance range for 2014 by $0.10 per share, citing strong results in the first half of the year. It now expects earnings of $6.75 to $6.85 per share.
- Cash flow from operations was $1.7B and capital expenditures totaled $406M.
- Q2 earnings
- UTX +0.8% premarket
Jul. 22, 2014, 7:02 AM
Jul. 21, 2014, 5:30 PM
Jul. 17, 2014, 7:35 AM
- Pratt & Whitney (NYSE:UTX) has hired IBM (NYSE:IBM) to analyze massive amounts of data from approximately 4,000 commercial aircraft engines in an effort to calculate potential engine trouble before problems arise.
- "Rather than reacting to some sort of an engine event, we are leveraging data from various sources for maintenance, for planning engine diagnostic systems and building predictive models," says IBM VP Jerry Kurtz.
- Due to the new proactive maintenance program, Pratt & Whitney expects to extend engine life by over almost 50% and decrease maintenance costs by up to 20%. A typical engine repair can fetch between $3M to 10M.
Jul. 15, 2014, 6:30 PM
- The U.S. Defense Department says it will not send its advanced F-35 jet fighter to the U.K. for a long-awaited international debut because of lingering concerns about an engine fire that raised concerns about the safety of the next generation fighter jets.
- While the military cleared the F-35 for limited flights earlier today, the Pentagon says the restrictions made it impossible to fly the plane to the U.K. to take part in the Farnborough airshow now under way.
- The cancellation is a blow to the Pentagon's most expensive military program, as well as to Lockheed Martin (NYSE:LMT), which makes the F-35, and United Technologies (NYSE:UTX) unit Pratt Whitney, which makes the engines.
Jul. 15, 2014, 8:10 AM
- The no-fly ban on the Lockheed Martin's (NYSE:LMT) F-35 has been lifted, clearing the fighter jet for flight. The warplane was previously grounded after an engine caught fire in Florida last month.
- Pratt & Whitney (NYSE:UTX), the manufacturer of the engine, is breathing a sigh of relief as it now seems the engine malfunction is not a systematic defect.
- The news also boosts the chances of the F-35 making an appearance at the Farnborough Airshow this week. The expo is prime time for international exposure and missing the show could put a dent into sales.
Jul. 14, 2014, 7:24 AM
- Alcoa (NYSE:AA) signs a 10-year, $1.1B deal to supply engine parts to United Technologies' (NYSE:UTX) Pratt & Whitney unit, including forging for aluminum fan blades for jet engines.
- The agreement gives AA a key role on Pratt's new PW1100G geared turbofan engine as well as other commercial and military turbines; more than 5K of the more fuel efficient PW1000Gs have been sold even before aircraft using the engine enter service from next year.
- The PW1000G's architecture, which allows the fan to rotate more slowly than on other aircraft, opened the door to the application of advanced aluminum alloys that offer price and weight advantages over titanium designs, Alcoa CEO Klaus Kleinfeld says.
Jul. 11, 2014, 7:09 AM
- The Lockheed Martin (LMT) F-35 remains grounded, and will most likely miss its other international air shows in the U.K next week, although the Pentagon states that the June malfunction causing an engine fire is likely not a systematic issue.
- "We really want to get at the root cause of this to determine exactly what caused it," says Defense Undersecretary Frank Kendall. "There's a growing body of evidence that this may have been an individual situation, not a systemic one. But we don't know that for certain at this point in time."
- The fighter jet's engine is manufactured by Pratt & Whitney (UTX).
Jul. 9, 2014, 7:12 AM
- A decision has still not been reached over whether to allow the Lockheed Martin (LMT) F-35 to debut at two international air shows this Friday and next week. The popular air shows will allow foreign customers to get a good look at the warplane with the hope of increasing sales.
- The entire F-35 fleet was grounded following an engine fire in Florida this past week, and mandatory inspections had been imposed on each of the plane's Pratt & Whitney-made (UTX) engine.
- Previous coverage
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.
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.
Other News & PR