Press Release: UTC President & CEO Affirms Expected 2008 Earnings Per Share of $4.90 or 15 Percent Growth from 2007; Indicates Guidance Range of $4.65 to $5.15 for 2009 Earnings Per Share
United Technologies Corporation provides a broad range of high technology products and services to the building systems and aerospace industries. Those products include Pratt & Whitney aircraft engines space propulsion systems and industrial gas turbines; Carrier heating air conditioning and refrigeration; Otis elevator escalator and people movers; Hamilton Sundstrand aerospace and industrial products; Sikorsky helicopters and International Fuel Cells power systems. (Company Press Release) United Technologies Corp. has a market cap of $46.8 billion; its shares were traded at around $47.08 with a P/E ratio of 9.6 and P/S ratio of 0.85. The dividend yield of United Technologies Corp. stocks is 3.17%. United Technologies Corp. had an annual average earning growth of 13.6% over the past 10 years. GuruFocus rated United Technologies Corp. the business predictability rank of 3-star.
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"UTC expects solid results in 2008 with 15 percent earnings per sharegrowth," said Chenevert. "Strength in our long cycle businesses and benefitsfrom early cost reduction actions should more than offset adverse impacts fromthe stronger U.S. dollar and rapidly deteriorating end markets in the secondhalf of the year.
"We expect difficult and uncertain economic conditions through much of2009. We are confident UTC's strong global franchises and experiencedmanagement team will continue to outperform even in this environment. Weanticipate that further deployment of our ACE operating system, continuedfocus on cost controls, and benefits from early and substantial restructuringactions taken in 2008 will help offset significant foreign currency relatedheadwind on earnings in 2009. All six operating divisions are expected toexpand margins in 2009," Chenevert continued. "Liquidity is not an issue atUTC and we continue to expect cash flow from operations less capitalexpenditures to equal or exceed net income in 2009. These strong cash flows,coupled with continued access to the commercial paper market and low levels oflong-term debt maturing over the next year, give us confidence that we cancontinue our acquisition agenda along with our share repurchase program."
UTC revenues are expected to decrease to approximately
United Technologies Corp., based in
This release is supplemented by presentation materials that are availableon UTC's website at www.utc.com, and includes "forward looking statements"concerning expected revenue, earnings, cash flow, share repurchases,restructuring; anticipated benefits of UTC's diversification, cost reductionefforts and business model; and other matters that are subject to risks anduncertainties. These statements often contain words such as "expect","anticipate", "plan", "estimate", "believe", "will", "should", "see","guidance" and similar terms. Important factors that could cause actualresults to differ materially from those anticipated or implied in forwardlooking statements include further deterioration or extended weakness inglobal economic conditions; further tightening or extended contraction incredit conditions; the impact of volatility and deterioration in financialmarkets on overall levels of economic activity; declines in end market demandin construction and in both the commercial and defense segments of theaerospace industry; fluctuation in commodity prices, interest rates, foreigncurrency exchange rates, and the impact of weather conditions; and companyspecific items including the impact of financial market volatility anddeterioration on the financial strength of customers and suppliers and onlevels of air travel; the availability and impact of acquisitions; the rateand ability to effectively integrate these acquired businesses; the ability toachieve cost reductions at planned levels; challenges in the design,development, production and support of advanced technologies and new productsand services; delays and disruption in delivery of materials and services fromsuppliers; labor disputes; and the outcome of legal proceedings. The level ofshare repurchases may vary depending on the level of other investingactivities. For information identifying other important economic, political,regulatory, legal, technological, competitive and other uncertainties, seeUTC's SEC filings as submitted from time to time, including but not limitedto, the information included in UTC's 10-K and 10-Q Reports under the headings"Business", "Risk Factors", "Management's Discussion and Analysis of FinancialCondition and Results of Operations" and "Cautionary Note Concerning Factorsthat May Affect Future Results", as well as the information included in UTC'sCurrent Reports on Form 8-K.
UTC-IR Contact: John Moran 860-728-7062
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