UTC Chairman & CEO Expects 2013 Earnings Per Share Of Approximately $6.15; Expects 2014 EPS Of $6.55 To $6.85 On Organic Sales Growth Of 3 To 4 Percent
NEW YORK, Dec. 12, 2013 /PRNewswire/ -- In a meeting with investors and analysts today, United Technologies Corp. (NYSE: UTX) Chairman & Chief Executive Officer Louis Chenevert communicated the company's expectation for 2013 earnings per share of approximately $6.15, at the high end of the prior range of $6.10 to $6.15. The company continues to expect sales of approximately $63 billion. Chenevert also projected 2014 earnings per share of $6.55 to $6.85, up 7 to 11 percent. Sales for 2014 are expected to be approximately $64 billion, including 3 to 4 percent organic growth partially offset by 2 points of net divestitures. The company continues to target cash flow from operations less capital expenditures equal to net income attributable to common shareowners in both 2013 and 2014.
"2013 has been a strong year for United Technologies," Chenevert said. "Our focus on integration and execution will allow us to deliver earnings growth of 15 percent, even in the face of a challenging macroeconomic environment. With solid orders momentum exiting the year, we expect further acceleration in 2014 across the majority of our businesses.
"The UTC portfolio is well positioned in growth markets," Chenevert continued. "Our new UTC Building & Industrial Systems organization is poised to capitalize on the worldwide urbanization trend. In the fast growing aerospace industry, our acquisitions of Goodrich and IAE are exceeding expectations as we prepare for an extraordinary ramp ahead. It's an exciting time for United Technologies."
Today's United Technologies meeting with investors and analysts was broadcast live on the Internet and the audio and presentation materials will be available at www.utc.com. United Technologies Corp., based in Hartford, Connecticut, is a diversified company that provides a broad range of high technology products and support services to the building systems and aerospace industries.
This release is supplemented by presentation materials that are available on UTC's web site at www.utc.com and 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, charges, expenditures, anticipated benefits of acquisitions and divestitures, results of operations, share repurchases, 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 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 government budget and funding decisions on the economy; changes in government procurement priorities and availability of funding; 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, timing or impact of acquisitions, dispositions, joint ventures and other business arrangements, including integration of acquired businesses; the timing and impact of anticipated debt reduction actions; 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, political conditions in countries in which we operate and other factors beyond our control. The timing and amount of share repurchases depends upon UTC's evaluation of market conditions and the level of other investing activities and uses of cash. The 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 the date of 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.
Contact: John Moran
SOURCE United Technologies Corp.