Wed, Jan. 28, 3:49 PM
- The U.S. Air Force says it has selected Boeing's (BA +5.7%) commercial 747-8 airliner to replace its current fleet of Air Force One presidential aircraft.
- Boeing has not secured a contract, but the Pentagon says it likely would win deals for the aircraft and modifications that include sophisticated communications equipment and antimissile devices.
- The Sikorsky unit of United Technologies (UTX -1.7%) and Lockheed Martin (LMT -0.5%) win a $1.24B contract to build the first six of a planned fleet of 23 helicopters for the Marine Corps to transport the president, vice president, cabinet members and other dignitaries.
Mon, Jan. 26, 6:38 PM
- The story of Q4 at United Technologies (NYSE:UTX) "really is one word, and that’s ‘currency,’” CEO Greg Hayes says in the earnings conference call, as the company - which derives 62% of sales from outside the U.S. - is hurt by the strengthening dollar once those sales are translated back into the U.S. currency.
- UTX had projected a 6% decline in the value of the euro vs. the dollar when it briefed investors Dec. 10, but the euro has fallen another 12% since then, Hayes said, whacking $0.24 off anticipated FY 2015 EPS.
- To offset some of the currency impact, Hayes says UTX will costs and raise its planned share buyback for the year from $2B to $3B.
- UTX executives said nothing had changed in the company's fundamental outlook, backing its forecast for 3%-5% in organic sales growth for the year.
- UTX -2.1% AH.
Mon, Jan. 26, 4:51 PM
- United Technologies (NYSE:UTX) -2.3% AH after Q4 earnings met expectations but it cut its FY 2015 outlook due to negative impacts from the stronger dollar.
- UTX says it sees 2015 EPS of $6.85-$7.05 per share, down from its prior range of $7.00-$7.20 and below analyst consensus of $7.19, and FY 2015 revenues of $65B-$66B vs. $66.9B consensus.
- In Q4, UTX says new equipment orders at its Otis elevator business rose 12% Y/Y, excluding foreign exchange fluctuations, but sales at aerospace subsidiary Pratt & Whitney fell 6%.
- Equipment orders at UTC Climate, Controls & Security gained 11%; commercial aftermarket sales rose 5% for UTC Aerospace Systems.
Thu, Jan. 15, 10:52 AM
- Other firms are likely to feel a pinch after Bombardier ((OTCPK:BDRAF -18%),(OTCQX:BDRBF -20.8%)) announced it's pausing its Learjet 85 program.
- Rockwell Collins (COL +0.7%) supplies the Learjet 85's avionics, Pratt & Whitney (UTX +0.7%) Canada provides the jet's engines, while LMI Aerospace (LMIA -0.2%) takes part in the plane's engineering.
Dec. 8, 2014, 2:26 PM
- United Technologies (UTX +1.7%) unit Pratt & Whitney Canada says it will invest more than C$1B ($874M) over four and a half years to develop new high-performance plane engines.
- UTX says the C$1B in R&D spending includes C$300M from Canada's federal government, which is repayable.
- The investment will support close to 1,500 jobs in Quebec and Ontario over the next five years, according to the government.
- Bernstein upgrades shares to Outperform from Market Perform ahead of the news.
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
Aug. 27, 2014, 9:26 AM| Comment!
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.
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
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.
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.
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.
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%
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.
Sep. 20, 2013, 1:19 PM| Comment!
Jun. 17, 2013, 1:03 PMUnited Technologies (UTX +1.4%) ticks higher today after saying that its subsidiary, UTC Aerospace Systems, has signed a long-term repair license agreement with ST Aerospace for maintenance, repair and overhaul services for UTC Aerospace Systems components on the Boeing (BA) 787 Dreamliner. | Comment!
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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