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.
United Technologies 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 buybacks 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.
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