cover letter samples for graduate jobs
office junior cover letter no experience
creative writing for journeys
how to write application letter for college
electronic cover letter salutation
case study examples information technology
buy e stamp paper online delhi
research report indesign template
cover letter samples youth worker
critical thinking conceptual clarification and its importance in science education
essay on internet in hindi wikipedia
essay writing school picnic
writing report card comments for esl students
buy cheap paper flowers
leave application letter for going native place
short essay on summer vacation for kids in hindi
essays in marathi for school level
literature review for knowledge management
quotes in a research paper mla format
application letter for government position philippines
application letter in the philippines government
business plan pro 11.0 premier edition free download
essay 200 words sample
literature review 4ps
literature review on domestic violence against children
sample personal statement for undergraduate university admission
sample personal statement for graduate school in accounting
narrative essay experience is the best teacher
scdl assignments for sales and distribution management
cover letter sample marketing manager
writing research papers a complete guide 14th edition download
cover letter hospitality staff
cover letter for resume waiter
essay for 8th class
my best friend essay for class 10
application letter bahasa indonesia
essay scholarship mara
themed writing paper for kids
school violence research paper thesis
assignments help india
literature review smart grid cyber security
a case study in cell structure and function
cover letter biology postdoc application
online essays in hindi language
counseling psychology admission essay
argumentative essay topics college students easy
cover letter customer support engineer
research paper topics ballet
letter to college director format
essay on my best friend in hindi
descriptive essay my best friend
request letter format to bank for loan
creative writing prompts personal narrative
bank teller resume cover letter template
creative writing exercises junior high
help me find out essays in marathi
assignment help india
beauty of nature essay in hindi
english essay form 5
essay writing format ielts
essay writing course online
cover letter for goldman sachs associate
muet writing essay example question 2
uc berkeley essay prompt 2013
creative writing examples year 11
phd letter of application sample
cover letter car dealership receptionist
freelance academic writing jobs in pakistan
job application letter format for mechanical engineers
case study 12-2 the brain behind the big bad burger
critical thinking logic propaganda
software engineering case study library management system
cover letter for zara
write a letter of reference for yourself
best buy canada cover letter
writing a good personal statement job application
kaplan critical thinking test
admission letter university sample
long essay about myself
sample personal statement for transitional year residency
essay writing form 2
valparaiso university personal statement
isb essays 2013 pagalguy
university of chicago essays that worked
english literature example essays gcse
customer service essay introduction
good essay topics hunger games
chemistry extended essay topic ideas
how to write an ap language analysis essay
fsu creative writing club
case study child labour in pakistan
where to buy paperself eyelashes
service learning reflection paper sample
application letter for address change in bank
zara case study procurement and outsourcing strategies
case studies people narcissistic personality disorder
cover letter for undergraduate nursing student
case study house pierre koenig
bank teller supervisor cover letter sample
competency dictionary critical thinking
thesis statement research paper sample
essay on my family doctor
reflective essay leadership nursing
case study 3 1 the demand for big macs
peace corps admission essay 1
research papers on domestic violence against women in india
buy college essay papers
definition essay transition words
air pollution essay kids
sample application letter for volunteer nurse in the philippines
research paper on nature vs nurture
critical thinking for college students by jon stratton
thesis proposal in the area of computational sciences
essay 300 words free
essay titles for lady macbeth
500 words essay on lokpal bill
essay on true love never dies
a critical thinking disposition scale for nurses short form
margins personal statement law school
free sat essay examples
art history research paper thesis example
where to buy scrapbook paper online
literature review example short
how to write a narrative speech about yourself
persuasive essay topics for high school students
essay voyage michael clay thompson
how to write an essay about myself pdf
cover letter for sales assistant yahoo
academic essay title generator
case study situational leadership model
buy cheap tissue paper online
cover letter sample veterinarian
cover letter after long unemployment
creative writing four genres in brief download
graphic design trainee cover letter
narrative essay moving to america
entry level nursing cover letter sample
essay titles for vietnam war
literature review for journal article
cover letter for internship logistics
how to write a biology lab report results
how to write a psychological case study analysis
components of literature review
custom photo paper placemats
buy paper ee savings bonds
i hate writing essays about myself
uksca case study presentation
pharmacy transfer personal statement
personal statements for medical school applications
music essay jyj review
case study chad evermore
writing prompts for high school students expository
how long should personal statement for law school be
personal statement online dating
freelance academic writers wanted
analytical essay intro example
how to write an essay introduction paragraph example
cover letter examples zookeeper
mla citation song of myself
letter of intent employment sample
critical thinking in psychology ruscio pdf
lined essay paper printable
content writing services australia
kitchen design cover letter sample
critical thinking in psychology by john ruscio
reflective essay examples nursing
what to write for college essay common application
book report for when you reach me
college scholarship essay format examples
sample application letter for high school admission
do you write lab reports in past tense
do you write a lab report in present or past tense
annotated bibliography servant leadership
essay on my family in english
annotated bibliography apa nursing
essay on time travel to the past
case study using narrative therapy
teaching critical amp analytical thinking in high school biology
annotated bibliography worksheet high school
sample of annotated bibliography apa style 6th edition
is the case study daybed comfortable
mfa graphic design thesis proposal
good english essays spm
top english essay spm
application letter for fresh graduate commerce
definition of literature review by different authors
good math research paper topics
research paper topics for nursing students
someone to do my spanish homework
good argumentative essay topics for college
university of toronto writing centre literature review
cover letter future job openings
cover letter for entry level database administrator
abnormal psychology research paper rubric
report writing for correctional officers
argumentative essay laminated reference guide
cover letter for lead generation
case study of jeffrey dahmer
social work personal statement conclusion
free compare and contrast essay for college

UTC Reports Third Quarter EPS From Continuing Operations of $1.37; Affirms 2012 EPS Outlook of $5.25 to $5.35 and Increases Restructuring to $600 Million — Press Release

HARTFORD, Conn., Oct. 23, 2012 /PRNewswire/ — United Technologies Corp. (NYSE: UTX) today reported third quarter 2012 results. All results in this release reflect continuing operations unless otherwise noted.

Earnings per share of $1.37 and net income attributable to common shareowners of $1.2 billion were down 4 percent and 3 percent, respectively, over the year ago quarter. Results for the current quarter include $0.09 per share of restructuring costs, offset by $0.09 of favorable one-time items. Earnings per share in the year ago quarter included $0.06 of restructuring costs, partially offset by $0.04 per share of net favorable one-time items. Before these items, earnings per share decreased 6 percent year over year. The effective tax rate for the quarter was 26.6 percent. Foreign currency translation, and hedges at Pratt & Whitney Canada, had an adverse impact of $0.07.

The acquisition of Rolls-Royce’s share of the International Aero Engines joint venture closed on June 29 and provided $0.03 of EPS accretion in the quarter. Net of transaction and financing costs, the acquisition of Goodrich Corporation, which closed on July 26, did not have an impact on EPS.

“The integration of Goodrich and IAE is off to a good start with solid underlying performance at both businesses,” said Louis Chenevert, UTC Chairman & Chief Executive Officer. “We now expect just $0.10 of EPS dilution from the Goodrich acquisition in 2012 versus our prior estimate of $0.20.”

Sales for the quarter of $15.0 billion were 6 percent above prior year. Net acquisitions provided 11 points of growth. Organic sales decreased 2 percent over the year ago quarter and foreign currency translation also had an adverse impact of 3 points. Third quarter segment operating margin at 14.2 percent was 160 basis points lower than prior year. Adjusted for restructuring costs and net one-time items, segment operating margin at 15.0 percent was 100 basis points lower than prior year, including the impact from the Goodrich acquisition. Research and development costs increased $125 million in the quarter to $590 million, including $101 million at Goodrich. Cash flow from operations was $1.6 billion and, less capital expenditures of $317 million, exceeded net income attributable to common shareowners.

“We expect earnings per share of $5.25 to $5.35 for 2012. Faced with a challenging economic environment, we are increasing our investment in restructuring this year to $600 million, up from our prior plan of $500 million, and continue to expect net one-time gains of $600 million,” Chenevert added. “Strong cash flow is a hallmark of UTC, and we now expect free cash flow to exceed net income for the full year.”

New equipment orders at Otis were up 7 percent over the year ago third quarter, including unfavorable foreign exchange of 4 percentage points. North American Residential HVAC new equipment orders at UTC Climate, Controls & Security grew 3 percent. Commercial spares orders were up 14 percent at Pratt & Whitney’s large engine business including the impact from the incremental IAE share. Organically, commercial spares orders were down 21 percent at Pratt & Whitney and down 6 percent at UTC Aerospace Systems.

“Due to the lack of recovery in the commercial aerospace aftermarket and continued uncertainty in the global economy, we now expect 2012 sales of $58 billion,” Chenevert added. “The portfolio transformation is substantially complete, and we are focused on integration and execution.”

As previously announced, the company does not anticipate share repurchase in 2012 due to the Goodrich transaction. UTC expects a full year effective tax rate of 29 percent excluding one-time items, down from the prior estimate of 29.5 percent.

Earnings per share from discontinued operations were $0.19 in the quarter. Results included $127 million of positive income tax adjustments associated with the legacy Hamilton Sundstrand Industrials businesses.

United Technologies Corp., based in Hartford, Connecticut, is a diversified company providing high technology products and services to the building and aerospace industries. Additional information, including a webcast, is available on the Internet at http://www.utc.com.

The accompanying tables include information integral to assessing the company’s financial position, operating performance, and cash flow, including a reconciliation of differences between non-GAAP measures used in this release and the comparable financial measures calculated in accordance with generally accepted accounting principles in the United States.

This release includes statements that constitute “forward-looking statements” under the securities laws. Forward-looking statements often contain words such as “believe,” “expect,” “plans,” “strategy,” “prospects,” “estimate,” “project,” “target,” “anticipate,” “will,” “should,” “see,” “guidance,” “confident” and similar terms. Forward-looking statements may include, among other things, statements relating to future and estimated sales, earnings, cash flow, financing plans, charges, expenditures, anticipated benefits of acquisitions and divestitures, results of operations, uses of cash and other measures of financial performance. All forward-looking statements involve risks, uncertainties and assumptions that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Risks and uncertainties include, without limitation, the effect of economic conditions in the markets in which we operate, including financial market conditions, fluctuation in commodity prices, interest rates and foreign currency exchange rates; future levels of indebtedness and capital and research and development spending; levels of end market demand in construction and in the aerospace industry; levels of air travel; financial difficulties of commercial airlines; the impact of weather conditions and natural disasters; the financial condition of our customers and suppliers; delays and disruption in delivery of materials and services from suppliers; cost reduction efforts and restructuring costs and savings and other consequences thereof; the scope, nature or impact of acquisitions, dispositions, joint ventures and other business arrangements, including integration of acquired businesses; the timing and impact of anticipated dispositions of businesses; the timing and amount of anticipated gains, losses, impairments and charges related to such dispositions; the timing and impact of anticipated debt reduction following the Goodrich acquisition; the development and production of new products and services; the anticipated benefits of diversification and balance of operations across product lines, regions and industries; the impact of the negotiation of collective bargaining agreements and labor disputes; the outcome of legal proceedings and other contingencies; future availability of credit; pension plan assumptions and future contributions; and the effect of changes in tax, environmental and other laws and regulations and political conditions in countries in which we operate and other factors beyond our control. The completion of the proposed divestitures of businesses is subject to uncertainties, including the ability to secure disposition agreements and regulatory approvals on acceptable terms; the satisfaction of information, consultation, and / or negotiation obligations, if any, with employee representatives; and satisfaction of other customary conditions. These forward-looking statements speak only as of the date of this release and we undertake no obligation to update or revise any forward-looking statements after we distribute this release. For additional information identifying factors that may cause actual results to vary materially from those stated in the forward-looking statements, see our reports on Forms 10-K, 10-Q and 8-K filed with the SEC from time to time, including, but not limited to, the information included in UTC’s Forms 10-K and 10-Q under the headings “Business,” “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Legal Proceedings” and in the notes to the financial statements included in UTC’s Forms 10-K and 10-Q.

Share this:
Share this page via Email Share this page via Stumble Upon Share this page via Digg this Share this page via Facebook Share this page via Twitter

Comments

Feel free to leave a comment...
and oh, if you want a pic to show with your comment, go get a gravatar!

You must be logged in to post a comment.

>