United Tech sees $1b or more in share buybacks

Mar 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: Dailymotion should stay in European hands, France says

0 shares

Related Stories

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 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.

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.

Cisco to start paying a dividend by next summer

Sep 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.

Recommended for you

Dailymotion should stay in European hands, France says

3 hours ago

France opposes exclusive talks between Orange and Hong Kong's PCCW group for a 49 percent stake in Dailymotion, preferring a European partner for the French video-sharing platform, the finance ministry indicated ...

FTC's Google investigation probed by Senate antitrust chief

18 hours ago

The chairman of a U.S. Senate antitrust panel will look into the release of a confidential Federal Trade Commission report on an investigation of Google Inc.'s search business, which was closed in 2013 without an enforcement ...

Traffic court goes digital: Startup fosters settlements

18 hours ago

Traffic court is going digital. Michigan startup Court Innovations has developed a software solution that allows drivers to settle traffic violations by negotiating in a virtual environment instead of showing up to court ...

User comments : 0

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.