United Technologies CEO sees sequester impact

February 21st, 2013 in Technology / Business

(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.

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"United Technologies CEO sees sequester impact." February 21st, 2013. http://phys.org/news/2013-02-technologies-ceo-sequester-impact.html