United Technologies’ results beat expectations

Posted on 14 Feb 2018 and read 396 times
United Technologies’ results beat expectationsUnited Technologies Corp (www.utc.com), which serves customers in the commercial-aerospace, defence and building industries, reported fourth-quarter and full-year 2017 results above expectations and anticipates continued growth in 2018.

Chairman and CEO Gregory Hayes said: “UTC had a strong finish to 2017, with sales, adjusted earnings per share and free cash-flow all above the top end of our expectations.

“Our focus on innovation, execution and cost reduction led to our best year of organic sales growth since 2014, with all businesses contributing.

“We gained share in our commercial businesses and continued to execute on our growing aerospace backlog.

“UTC also announced the transformative Rockwell Collins acquisition, which will create a premier aerospace supplier.

“As a result of this proposed transaction, together with the investments in our businesses and in our digital strategies, we are positioned well for years to come.

“In 2018, we expect accelerating organic sales and adjusted earnings per share growth, along with strong cash generation.”

Fourth-quarter sales of $15.7 billion were up 7% over the previous year, and each of UTC’s businesses saw its sales grow in the fourth quarter, with ‘commercial after-market sales’ up 25% at Pratt & Whitney, and up 10% at UTC Aerospace Systems.

Full-year sales of $59.8 billion were up 5% on the previous year. One particular highlight was Pratt & Whitney’s Geared Turbofan engine being selected to power Delta Air Lines’ order of 100 A321neo aircraft.

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