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Last $100.31 USD
Change Today -0.42 / -0.42%
Volume 7.2M
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As of 8:04 PM 07/31/15 All times are local (Market data is delayed by at least 15 minutes).

united technologies corp (UTX) Key Developments

United Technologies Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Revises Earnings Guidance for the Year 2015

United Technologies Corporation reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported net sales of $16,333 million compared to $17,191 million a year ago. Operating profit was $2,552 million compared to $2,355 million a year ago. Income before income taxes was $2,336 million compared to $2,149 million a year ago. Net income attributable to common shareowners was $1,542 million or $1.73 per diluted share compared to $1,680 million or $1.84 per diluted share a year ago. Net cash flows provided by operating activities were $1,536 million compared to $1,742 million a year ago. Capital expenditures were $358 million compared to $406 million a year ago. Free cash flow was $1,178 million compared to $1,336 million a year ago. Adjusted operating profit was $2,642 million compared to $2,738 million a year ago. Sales decreased by 5%, reflecting the impact of adverse foreign exchange (4 points) and absence of the prior year Sikorsky Canadian Maritime Helicopter Program adjustment (5 points), which were partially offset by the benefit of organic growth (3 points) and acquisitions (1 point) in 2015. For the six months period, the company reported net sales of $30,874 million compared to $31,936 million a year ago. Operating profit was $4,826 million compared to $4,453 million a year ago. Income before income taxes was $4,392 million compared to $4,022 million a year ago. Net income attributable to common shareowners was $2,968 million or $3.31 per diluted share compared to $2,893 million or $3.16 per diluted share a year ago. Net cash flows provided by operating activities were $2,848 million compared to $3,077 million a year ago. Capital expenditures were $706 million compared to $739 million a year ago. Free cash flow was $2,142 million compared to $2,338 million a year ago. Adjusted operating profit was $4,883 million compared to $4,961 million a year ago. The company provided earnings guidance for the year 2015. The company now expects full year EPS of $6.45 to $6.60 from operations including Sikorsky, but excluding an expected gain related to its sale. Expectations from continuing operations are now $6.15 to $6.30. This is down from the previous expectations of $6.55 to $6.85 and $6.35 to $6.55, respectively. Sales expectations from continuing operations have also been revised to $57 to $58 billion from the prior expectation of $58 to $59 billion. The revised expectations reflect approximately 3% organic sales growth. The company assumes a $1 billion placeholder for full year acquisition spend and expects cash flow from operations less capital expenditures in the range of 90% to 100% of net income from continuing operations attributable to common shareowners for 2015.

United Technologies Corporation Intends to Create 380 Jobs for Unit in Florida

United Technologies Corp. intends to create 380 jobs and build a facility in South Florida for its building and industrial systems unit after receiving incentives from the state and from county and local governments. The deal involves buying 30 acres on the I-95 corridor in Palm Beach Gardens, near major international airports. UTC Building and Industrial Systems, which includes Carrier air conditioners and Otis elevators, is focusing on new technologies that reduce energy consumption. UTC has long had a major presence in Palm Beach County, including engine and test facilities in West Palm Beach for Pratt & Whitney. Otis elevators has offices in nearby Jupiter.

United Technologies Corporation to Report Q2, 2015 Results on Jul 21, 2015

United Technologies Corporation announced that they will report Q2, 2015 results at 8:30 AM, US Eastern Standard Time on Jul 21, 2015

United Technologies Corporation, Q2 2015 Earnings Call, Jul 21, 2015

United Technologies Corporation, Q2 2015 Earnings Call, Jul 21, 2015

Aerojet Terminates Potential Acquisition Of RD Amross

Aerojet Rocketdyne Holdings, Inc. (NYSE:AJRD) terminates the potential acquisition of 50% in RD Amross, LLC from United Technologies Corporation (NYSE:UTX).

 

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