united technologies corp (UTX) Key Developments
United Technologies Wins Reversal of Court Order to Pay $657 Million in Damages
Apr 6 15
United Technologies (UTX) shares inched higher in trading after the company won a reversal of a court order to pay $657 million in damages. The 6th Circuit U.S. Court of Appeals in Ohio remanded the case in which its Pratt & Whitney division was accused of overcharging the U.S. government for jet engines back to the trial court that more than a year ago ordered it to pay $657 million in damages. The case has been in litigation for seventeen years, and the purported fraud occurred thirty two years ago.
Mick Maurer to Move as Senior Vice President, Strategic Projects of United Technologies Corporation
Apr 2 15
On April 2, 2015, United Technologies Corporation announced the appointment of Robert Leduc as President of Sikorsky Aircraft, succeeding Mick Maurer, who will move to the newly created position of UTC Senior Vice President, Strategic Projects. In his new role, Maurer, 55, will work closely with Mike Dumais, UTC Senior Vice President, Strategic Planning, to complete the strategic alternatives review for Sikorsky, and to ensure a successful separation should UTC pursue a spinoff. Maurer will also work closely with Leduc to ensure a smooth leadership transition at Sikorsky.
Toshiba Corporation and United Technologies Corporation Sign New Agreement to Localize Operations of HVAC Joint Venture
Mar 26 15
Toshiba Corporation and United Technologies Corporation announced plans to establish engineering centers in India, North America and Europe to support global innovation for heating, ventilating and air-conditioning (HVAC) products. This cooperation is the first to result from the companies recent agreement to further strengthen their strategic collaboration through their joint venture, Toshiba Carrier Corporation (TCC). The plan will leverage Carriers global footprint, with new engineering centers expected in India, North America and Europe within the next five years. The two companies also agreed on plans to localize manufacturing in the same regions in a similar time frame.
United Technologies Considering Multiple Strategic Alternatives For Sikorsky Aircraft
Mar 22 15
United Technologies Corporation (NYSE:UTX) is considering multiple strategic alternatives for Sikorsky Aircraft Corporation. United Technologies said that its Board of Directors has authorized a review of strategic alternatives for the corporation's Sikorsky Aircraft business.
United Technologies Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014
Mar 13 15
United Technologies Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the year, the company reported net sales of $65,100 million against $62,626 million a year ago. Operating profit was $9,769 million against $9,209 million a year ago. Income from continuing operations before income taxes was $8,887 million against $8,312 million a year ago. Net income from continuing operations was $6,623 million against $6,074 million a year ago. Net income attributable to common shareowners was $6,220 million against $5,721 million a year ago. Diluted earnings per share from continuing operations attributable to common shareowners were $6.82 against $6.21 a year ago. Diluted earnings per share of common stock were $6.82 against $6.25 a year ago. Net cash flows provided by operating activities of continuing operations were $7,336 million against $7,505 a year ago. Capital expenditures were $1,711 million against $1,688 million a year ago. Increase in customer financing assets was $202 million against $245 million a year ago. Net debt (total debt less cash and cash equivalents) was $14,559 million as on December 31, 2014.
For the quarter, the company reported net sales of $16,996 million against $16,759 million a year ago. Net income attributable to common shareowners was $1,473 million against $1,463 million a year ago. Diluted earnings per share of common stock were $1.62 against $1.60 a year ago.