FARMINGTON, Conn., June 24, 2016 /PRNewswire/ -- United Technologies Corp. (NYSE: UTX) today reaffirmed its commitment to doing business in the U.K. and the European Union following this week's referendum vote.
"The process of the U.K.'s withdrawal from the EU will take time and we do not believe it will impact our businesses in the near term, said UTC President and Chief Executive Officer Gregory Hayes. "UTC remains committed to our businesses and their more than 8,000 employees in the U.K."
"We are hopeful that the separation process will be carried out in a manner that minimizes disruption and economic impact, Hayes said. "We believe that the current benefits of a free and open trading zone will largely remain at the conclusion of this process. As a globally diversified company, we are well equipped to manage these types of uncertainties."
The company, whose 2015 sales in the U.K. were approximately $2 billion and represented less than 4 percent of overall sales, also reaffirmed its 2016 outlook for adjusted EPS of $6.30 to $6.60 on sales of $56 billion to $58 billion and organic sales growth of 1 percent to 3 percent.
United Technologies Corp., based in Farmington, Connecticut, provides high-technology systems and services to the building and aerospace industries. For more information about the company, visit our website at www.utc.com or follow us on Twitter: @UTC.
Use of Non-GAAP Financial Measures
Expected adjusted EPS is a non-GAAP financial measure. Adjusted EPS reflects continuing operations, excluding restructuring costs and other significant items of a non-recurring and/or non-operational nature. Management believes adjusted EPS is useful in providing period to period comparisons of the results of the Company's operational performance.
Expected organic sales growth is also a non-GAAP financial measure. Organic sales represents the total reported increase within the Company's ongoing businesses less the impact of foreign currency translation, acquisitions and divestitures completed in the preceding twelve months and significant non-recurring and non-operational items.
When we provide our expectations for adjusted EPS and organic sales growth on a forward-looking basis, the closest corresponding GAAP measure (expected EPS from continuing operations and sales growth) and a reconciliation of the differences between the non-GAAP expectation and the corresponding GAAP measure generally is not available without unreasonable effort due to potentially high variability, complexity and low visibility as to items that would be excluded from the GAAP measure in the relevant future period. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.
Adjusted measures should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP. Other companies may calculate adjusted measures differently than the Company does, limiting the usefulness of these measures for comparisons with such other companies.
This press release includes statements that constitute "forward-looking statements" under the securities laws. Forward-looking statements often contain words such as "believe," "expect," "plans," "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, charges, expenditures, share repurchases, acquisitions and divestitures, orders, foreign exchange rate assumptions 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 research and development spending; levels of end market demand in construction and in the aerospace industry; levels of air travel; financial condition of commercial airlines; the impact of government budget and funding decisions on the economy; changes in government procurement priorities and funding; weather conditions and natural disasters; delays and disruption in delivery of materials and services from suppliers; company and customer directed cost reduction efforts and restructuring costs and consequences thereof; the impact of acquisitions, dispositions, joint ventures and similar transactions; the development and production of new products and services; the impact of diversification across product lines, regions and industries; the impact of legal proceedings, investigations and other contingencies; pension plan assumptions and future contributions; the effect of changes in tax, environmental and other laws and regulations and political conditions; and other factors beyond our control. The level and timing of discretionary share repurchases (those outside the company's current accelerated share repurchase program) depend upon market conditions, the level of other investing activities and uses of cash, and discretionary share repurchases may be suspended at any time. The forward-looking statements speak only as of the date of this press release and we undertake no obligation to update or revise any forward-looking statements as of a later date. For additional information identifying factors that may cause actual results to vary materially from those stated in 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.
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SOURCE United Technologies Corp.