United Technologies CEO sees sequester impact

Feb 21, 2013

(AP)—The chief executive of United Technologies expects automatic federal budget cuts will take effect in eight days, cutting slightly into earnings of the aerospace giant.

CEO Louis Chenevert (shen-eh-VAIR) told investor analysts Thursday that the cuts, which are known in Washington as the "sequester," look more likely. He says earnings would be reduced by 10 cents per share in the "worst case."

. posted 2012 earnings from continuing operations of $5.35 per share. Subsidiaries of the Hartford, Conn., conglomerate include such as jet engine maker Pratt & Whitney and Sikorsky Aircraft.

Chenevert said the impact would be mostly on repair and maintenance of aerospace parts. He says the cuts would be "very manageable" and are accounted for in 2013 guidance of $5.85 to $6.15 per share.

Explore further: Out-of-patience investors sell off Amazon

5 /5 (1 vote)
add to favorites email to friend print save as pdf

Related Stories

United Tech sees sales rising with Goodrich buy

Dec 13, 2012

United Technologies Corp. says its purchase of aircrafts parts maker Goodrich Corp. will drive revenue growth next year, helping overcome Europe's weak economy and less U.S. defense spending.

United Technologies 4Q profit down but sales grow

Jan 23, 2013

United Technologies Corp. posted a 26 percent drop in fourth-quarter net income from continuing operations on Wednesday due to one-time items including restructuring costs and completing its $18.4 billion Goodrich acquisition.

UTC to sell Rocketdyne unit to GenCorp for $550M

Jul 23, 2012

(AP) — United Technologies is selling its engine division unit to aerospace manufacturer GenCorp Inc. for $550 million as the conglomerate raises money for its largest acquisition and solidifies its core aerospace business.

United Tech to sell units to BC, Carlyle for $3.5B

Jul 26, 2012

(AP) — United Technologies Corp. said Wednesday that is selling three industrial-products businesses for $3.46 billion as it seeks to fund its proposed acquisition of aerospace-parts maker Goodrich Corp.

News Corp. posts higher 2Q earnings, revenue

Feb 06, 2013

Media conglomerate News Corp. says earnings for the last three months of 2012 grew, helped by higher revenue at its pay TV networks and gains from acquisitions.

Recommended for you

Out-of-patience investors sell off Amazon

Oct 24, 2014

Amazon has long acted like an ideal customer on its own website: a freewheeling big spender with no worries about balancing a checkbook. Investors confident in founder and CEO Jeff Bezos' invest-and-expand ...

States ascend into the cloud

Oct 24, 2014

Seven years ago, the state of Delaware started moving computer servers out of closets and from under workers' desks to create a consolidated data center and a virtual computing climate.

Microsoft drops Nokia name from smartphones

Oct 24, 2014

Microsoft said Friday it was dropping the Nokia name from its Lumia smartphones, rebranding following the acquisition earlier this year of the Finnish group's handset division.

Amazon's loss makes holidays a question mark

Oct 24, 2014

Amazon's trademark smile icon is becoming more of a grimace. The world's largest online retailer reported a wider third-quarter loss than analysts expected and gave a disappointing holiday forecast.

User comments : 0