United Tech sees $1b or more in share buybacks

(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

UTC to sell Rocketdyne unit to GenCorp for $550M

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Citation: United Tech sees $1b or more in share buybacks (2013, March 14) retrieved 14 November 2019 from https://phys.org/news/2013-03-tech-1b-buybacks.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.
0 shares

Feedback to editors

User comments