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united technologies corp (UTX) Key Developments

United Technologies Corp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Revises Earnings Guidance for the Full Year 2015

United Technologies Corp. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, net sales were USD 16,996 million against USD 16,759 million for the same period a year ago. Operating profit was USD 2,570 million against USD 2,330 million for the same period a year ago. Income from continuing operations before income taxes was USD 2,305 million against USD 2,112 million for the same period a year ago. Income from continuing operations was USD 1,575 million against USD 1,551 million for the same period a year ago. Income attributable to common shareholders from continuing operations was USD 1,473 million or USD 1.62 per diluted share against USD 1,449 million or USD 1.58 per diluted share for the same period a year ago. Net income attributable to common shareholders was USD 1,473 million against USD 1,463 million for the same period a year ago. Adjusted consolidated operating profit was USD 2,695 million against USD 2,449 million for the same period a year ago. Net cash flows provided by operating activities from continuing operations was USD 2,310 million against USD 2,613 million for the same period a year ago. Capital expenditures were USD 557 million against USD 641 million for the same period a year ago. For the year, net sales were USD 65,100 million against USD 62,626 million for the same period a year ago. Operating profit was USD 9,769 million against USD 9,209 million for the same period a year ago. Income from continuing operations before income taxes was USD 8,887 million against USD 8,312 million for the same period a year ago. Income from continuing operations was USD 6,623 million against USD 6,074 million for the same period a year ago. Income attributable to common shareholders from continuing operations was USD 6,220 million or USD 6.82 per diluted share against USD 5,686 million or USD 6.214 per diluted share for the same period a year ago. Net income attributable to common shareholders was USD 6,220 million against USD 5,721 million for the same period a year ago. Adjusted consolidated operating profit was USD 10,352 million against USD 9,467 million for the same period a year ago. Net cash flows provided by operating activities from continuing operations was USD 7,336 million against USD 7,505 million for the same period a year ago. Capital expenditures were USD 1,711 million against USD 1,688 million for the same period a year ago. The company lowered its full year 2015 earnings forecast to USD 6.85 to USD 7.05 per share on revenue of USD 65 billion to USD 66 billion. In December, the company also said that it expected to earn USD 7 to USD 7.20 per share for 2015 on revenue between USD 66 billion and USD 67 billion. The company expects to invest USD 1.7 billion in capital expenditures in 2015, and continues to estimate cash flow from operations less capital expenditures in the range of 90% to 100% of net income attributable to common share owners.

United Technologies Corp. Appoints David P. Hess as Senior Vice President, Aerospace Business Development

United Technologies Corp. (UTC) announced the appointment of David P. Hess, former President of Pratt & Whitney, to the position of UTC Senior Vice President, Aerospace Business Development. In this newly created position, Hess will work in close collaboration with Pratt & Whitney President Paul Adams and UTC Aerospace Systems President Dave Gitlin to strengthen relationships with key aerospace customers and partners. In addition, Hess will support Mike Dumais, Senior Vice President, Strategic Planning, in reviewing the corporation's aerospace portfolio and evaluating acquisition opportunities. Prior to his retirement in early 2014, Hess served as President of Pratt & Whitney. Earlier in his 34-year career at UTC, he served as President of UTC's Hamilton Sundstrand business.

United Technologies Announces Changes to Aerospace Leadership and Organizational Structure

United Technologies Corp. announced it will streamline its aerospace organization and leadership structure to provide greater focus on serving customers. Alain Bellemare, President & Chief Executive Officer of UTC Propulsion & Aerospace Systems (PAS), has elected to leave the company at the end of the month. He will continue to serve as a consultant to UTC. As a result of Bellemare's decision and the successful integration of Goodrich Corporation, UTC is streamlining its aerospace operations by eliminating the PAS organization. Pratt & Whitney and UTC Aerospace Systems (UTAS), both formerly under the PAS structure, will continue as stand-alone business units. As a result of this organizational change, Pratt & Whitney President Paul Adams will report directly to Hayes, as will Dave Gitlin, who has been promoted to President, UTC Aerospace Systems, from his former position as leader of that company's Aircraft Systems segment. Also reporting directly to Hayes will be Mike Dumais, who has been appointed to a new position as UTC Senior Vice President, Strategic Planning. Dumais, who formerly led UTC Aerospace Systems'Power, Controls & Sensing Systems segment, will help assess capital allocation strategies and opportunities for portfolio and organizational changes across the corporation.

United Technologies Corporation Provides Earnings Guidance for Full Year 2014 and 2015

United Technologies Corporation provided earnings guidance for 2014 and 2015. For the full year of 2014, the company expects earnings per share to be $6.8, at the mid-point of the previous earnings outlook of $6.75 to $6.85. The 2014 EPS expectation includes a charge of $0.25 related to a previously disclosed German tax litigation matter, which will be partially offset by approximately $0.20 of other favorable items. The company continues to expect sales for 2014 of approximately $65 billion. For the full year of 2015, the company also anticipates 2015 earnings per share of $7.00 to $7.20, up 3 to 6%. Sales for 2015 are expected to be $66 billion to $67 billion, including 3 to 5% organic growth.

United Aircraft Corporation Announces Executive Changes

United Aircraft Corporation announced that Russia's Deputy Industry and Trade Minister Yury Slyusar will be the president of the company with administrator functions, while the current chief, Mikhail Pogosyan, will be Slyusar's chief designe. The Minister said that the directive of the government about the appointment of Slyusar to the post of head of UAC has already been signed and in the near future the organizational procedures will be implemented. The chief designer will remain Mikhail Aslanovich Pogosyan for now.

 

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