United Tech sees $1b or more in share buybacks

March 14, 2013

(AP)—The chief financial officer of United Technologies Corp. says the aerospace giant expects to spend at least $1 billion buying back shares this year.

CFO Greg Hayes told analysts Thursday that the Hartford, Conn., conglomerate has a strong cash position.

had $4.82 billion in cash on the balance sheet at the end of 2012, and Hayes said that will soar to $12 billion with free cash flow and money from divestitures.

He said the company spent $350 million for in the first quarter and will likely spend the same in the second quarter.

The $18.4 billion purchase of aerospace parts maker Goodrich Corp. last year appears to have been a good bet. Hayes said airlines have made money in the last three years and should continue to.

Explore further: Cisco to start paying a dividend by next summer


Related Stories

Cisco to start paying a dividend by next summer

September 14, 2010

(AP) -- Cisco Systems Inc., the world's largest maker of computer-networking gear, said Tuesday that it would pay its first dividend by July, the end of its current fiscal year.

UTC to sell Rocketdyne unit to GenCorp for $550M

July 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 sees sales rising with Goodrich buy

December 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

January 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.

United Technologies CEO sees sequester impact

February 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.

Recommended for you

On soft ground? Tread lightly to stay fast

October 8, 2015

These findings, reported today, Friday 9th October, in the journal Bioinspiration & Biomechanics, offer a new insight into how animals respond to different terrain, and how robots can learn from them.


Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.