United Technologies Reports Higher Profit, Sales
28 Enero 2020 - 7:43AM
Noticias Dow Jones
By Allison Prang and Dave Sebastian
United Technologies Corp. posted higher-than-expected sales and
adjusted earnings in the latest quarter, but warned that halted
production of the Boeing Co. 737 MAX could hurt results in its
Collins Aerospace business.
The company posted net income of $1.14 billion, or $1.32 a
share, for the fourth quarter, up from $686 million, or 83 cents a
share, a year earlier. Adjusted earnings were $1.94 a share, ahead
of the $1.84 a share analysts had expected.
United Technologies reported $19.55 billion in sales, compared
with $18.04 billion in the year-ago period. Analysts were looking
for $19.42 billion.
The company said Tuesday it expects sales and adjusted operating
profit in its Collins Aerospace division to fall in 2020, hurt
partially by suspended production of the 737 MAX.
The company is selling its Collins Aerospace's Military Global
Positioning System business to BAE Systems PLC for $1.93
billion.
United Technologies is dividing itself into three companies,
which is expected to take place in the first half of this year. The
two businesses the company is spinning off are its Carrier
business, which works with heating, ventilation and air
conditioning, and Otis, its elevator and escalator manufacturing
division. United Technologies is also trying to merge with Raytheon
Co. Together the companies would be the second-biggest military
supplier when ranked by sales.
"Operational separation activities for Otis and Carrier are
substantially complete, and we are executing the final steps
required to spin both businesses as independent companies early in
the second quarter," Chief Executive Gregory Hayes said in prepared
remarks Tuesday.
The company also said it expects sales at aircraft engines
business Pratt & Whitney to increase in the mid-single digits
and for the division's adjusted operating profit to rise.
Shares were down 0.6% in premarket trading.
Write to Allison Prang at allison.prang@wsj.com and Dave
Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
January 28, 2020 08:28 ET (13:28 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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