UTC Board of Directors Declares Quarterly Dividend and Authorizes Repurchase Program for 60 Million Shares
HARTFORD, Conn., Feb. 4, 2013 /PRNewswire/ -- United Technologies Corp.'s (NYSE: UTX) Board of Directors today declared a dividend of 53.5 cents per common share payable March 10 to shareowners of record at the close of business Feb. 15. The ex-dividend date is Feb. 13. UTC has paid cash dividends on its common stock every year since 1936.
The Board also authorized a share repurchase program for up to 60 million shares of the company's common stock worth approximately $5.4 billion at current prices. The new authorization replaces a previous program, approved in March 2010, which was nearing completion. The company continues to expect 2013 repurchases to total approximately $1.0 billion.
United Technologies Corp. is a diversified company that provides high technology products and services to the aerospace and building industries worldwide.
This release includes statements related to future business outlook and plans for anticipated earnings, cash flow, dividends and share repurchases that constitute "forward-looking statements" under the securities laws. 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 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 financial condition of our customers and suppliers; cost reduction efforts and restructuring costs; the scope, nature or impact of acquisitions, dispositions, joint ventures and other business arrangements, including integration of acquired businesses; the development and production of new products and services; and the effect of changes in laws and regulations and political conditions in countries in which we operate and other factors beyond our control. The timing and amount of repurchases will be determined based on the company's evaluation of market conditions and other factors, including but not limited to the level of other investing activities and uses of cash. The share repurchase program may be suspended or discontinued at any time. For additional information identifying risk factors and uncertainties, 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.
Contact: Ian Race
SOURCE United Technologies Corp.