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

Oct 23, 2012, 06:28 ET from United Technologies Corp.

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.

UTC-IR

 

United Technologies Corporation

 

Condensed Consolidated Statement of Comprehensive Income

Quarter Ended

September 30,

Nine Months Ended

September 30,

(Unaudited)

(Unaudited)

(Millions, except per share amounts)

2012

2011

2012

2011

Net sales

$

15,042

$

14,235

$

41,265

$

41,377

Costs and Expenses:

Cost of products and services sold

11,003

10,338

29,867

29,958

Research and development

590

465

1,659

1,427

Selling, general and administrative

1,619

1,512

4,657

4,538

       Total Costs and Expenses

13,212

12,315

36,183

35,923

Other income, net

211

231

851

547

Operating profit

2,041

2,151

5,933

6,001

Interest expense, net

216

139

513

429

Income from continuing operations before income taxes

1,825

2,012

5,420

5,572

Income tax expense

484

628

1,257

1,731

Income from continuing operations

1,341

1,384

4,163

3,841

Discontinued operations:

Income from operations

91

52

118

201

Loss on disposal

(26)

-

(1,197)

-

Income tax benefit (expense)

105

(15)

256

(90)

Income (loss) from discontinued operations

170

37

(823)

111

Net income

1,511

1,421

3,340

3,952

Less: Noncontrolling interest in subsidiaries' earnings

96

97

267

298

Net income attributable to common shareowners

$

1,415

$

1,324

$

3,073

$

3,654

Comprehensive income

$

2,546

$

526

$

4,171

$

3,968

Less: Comprehensive income attributable to

     noncontrolling interests

119

72

271

311

Comprehensive income attributable to common shareowners

$

2,427

$

454

$

3,900

$

3,657

Net Income (Loss) Attributable to Common Shareowners:

From continuing operations

$

1,247

$

1,290

$

3,902

$

3,551

From discontinued operations

168

34

(829)

103

Earnings (Loss) Per Share of Common Stock - Basic:

From continuing operations

$

1.39

$

1.45

$

4.37

$

3.97

From discontinued operations

0.19

0.04

(0.93)

0.12

Earnings (Loss) Per Share of Common Stock - Diluted:

From continuing operations

$

1.37

$

1.43

$

4.31

$

3.91

From discontinued operations

0.19

0.04

(0.92)

0.11

As described on the following pages, consolidated results for the quarters and nine months ended September 30, 2012 and 2011 include restructuring costs and non-recurring items that management believes should be considered when evaluating the underlying financial performance.

See accompanying Notes to Condensed Consolidated Financial Statements.

 

United Technologies Corporation

 

Segment Net Sales and Operating Profit

Quarter Ended

September 30,

Nine Months Ended

September 30,

(Unaudited)

(Unaudited)

(Millions)

2012

2011

2012

2011

Net Sales

Otis

$

3,054

$

3,262

$

8,851

$

9,226

UTC Climate, Controls & Security

4,259

4,921

12,943

14,454

Pratt & Whitney

3,574

3,081

10,073

9,230

UTC Aerospace Systems

2,670

1,187

5,160

3,496

Sikorsky

1,649

1,877

4,615

5,245

Segment Sales

15,206

14,328

41,642

41,651

Eliminations and other

(164)

(93)

(377)

(274)

Consolidated Net Sales

$

15,042

$

14,235

$

41,265

$

41,377

Operating Profit

Otis

$

651

$

731

$

1,868

$

2,104

UTC Climate, Controls & Security

632

615

1,965

1,751

Pratt & Whitney

409

496

1,225

1,348

UTC Aerospace Systems

271

204

680

561

Sikorsky

203

215

552

633

Segment Operating Profit

2,166

2,261

6,290

6,397

Eliminations and other

(22)

(8)

(54)

(101)

General corporate expenses

(103)

(102)

(303)

(295)

Consolidated Operating Profit

$

2,041

$

2,151

$

5,933

$

6,001

Segment Operating Profit Margin

Otis

21.3%

22.4%

21.1%

22.8%

UTC Climate, Controls & Security

14.8%

12.5%

15.2%

12.1%

Pratt & Whitney

11.4%

16.1%

12.2%

14.6%

UTC Aerospace Systems

10.1%

17.2%

13.2%

16.0%

Sikorsky

12.3%

11.5%

12.0%

12.1%

Consolidated Segment Operating Profit Margin

14.2%

15.8%

15.1%

15.4%

As described on the following pages, consolidated results for the quarters and nine months ended September 30, 2012 and 2011 include restructuring costs and non-recurring items that management believes should be considered when evaluating the underlying financial performance.

 

United Technologies Corporation

 

Restructuring Costs and Non-Recurring Items Included in Results of Continuing Operations

Quarter Ended September 30,

Nine Months Ended

September 30,

(Unaudited)

(Unaudited)

In millions - Income (Expense)

2012

2011

2012

2011

Restructuring Costs included in Operating Profit:

Otis

$

(42)

$

(41)

$

(105)

$

(47)

UTC Climate, Controls & Security

(26)

(20)

(98)

(65)

Pratt & Whitney

(3)

(5)

(57)

(34)

UTC Aerospace Systems

(35)

(1)

(40)

(5)

Sikorsky

(12)

(13)

(18)

(16)

Eliminations and other

(10)

-

(14)

-

(128)

(80)

(332)

(167)

Non-Recurring items included in Operating Profit:

UTC Climate, Controls & Security

-

8

222

8

Pratt & Whitney

-

41

-

41

Sikorsky

-

-

-

73

Eliminations and other

34

-

24

-

34

49

246

122

Total impact on Consolidated Operating Profit

(94)

(31)

(86)

(45)

Non-Recurring items included in Interest Expense, Net

25

-

40

-

Tax effect of restructuring and non-recurring items above

34

(4)

30

(2)

Non-Recurring items included in Income Tax Expense

34

17

237

17

Impact on Net Income from Continuing

     Operations Attributable to

     Common Shareowners

$

(1)

$

(18)

$

221

$

(30)

Impact on Diluted Earnings Per Share from Continuing Operations

$

-

$

(0.02)

$

0.24

$

(0.03)

Details of the non-recurring items for the quarters and nine months ended September 30, 2012 and 2011 are as follows:

Quarter Ended September 30, 2012

Eliminations and other:  Approximately $34 million non-cash gain recognized on the remeasurement to fair value of our previously held shares of Goodrich Corporation stock resulting from our acquisition of the company.

Interest Expense, Net:  Approximately $25 million of favorable pre-tax interest adjustments related to the resolution of disputes with the Appeals Division of the IRS for the Company's 2004 - 2005 tax years.

Income Tax Expense:  Approximately $34 million of favorable income tax adjustments related to the resolution of disputes with the Appeals Division of the IRS for the Company's 2004 - 2005 tax years.

Discontinued Operations:  Approximately $127 million of favorable income tax adjustments related to the reversal of a portion of the deferred tax liability initially recorded during the quarter ended March 31, 2012 on the existing difference between the expected accounting versus tax gain on the planned disposition of legacy Hamilton Sundstrand's Industrial businesses. As a result of the structure of the transaction that was finalized in July 2012, a portion of the deferred tax liability cannot be recorded until the sale is finalized.

Quarter Ended June 30, 2012

UTC Climate, Controls & Security:  Approximately $110 million net gain from UTC Climate, Controls & Security's ongoing portfolio transformation.  This net gain includes approximately $142 million from the sale of a controlling interest in its Canadian distribution business, partially offset by a $32 million loss on the disposition of its U.S. fire and security branch operations.

Discontinued Operations:

  • Approximately $179 million pre-tax impairment charge related to inventory, fixed assets and goodwill, as a result of the decision to dispose of the UTC Power business.
  • Approximately $91 million reserve for potential remediation costs associated with certain components of wind turbines previously installed by our Clipper business.

Quarter Ended March 31, 2012

UTC Climate, Controls & Security:  Approximately $112 million net gain from UTC Climate, Controls & Security's ongoing portfolio transformation.  This net gain includes approximately $215 million from the sale of a controlling interest in a manufacturing and distribution joint venture in Asia, partially offset by $103 million of impairment charges related to planned business dispositions.

Eliminations and other:  An additional $10 million of reserves were established for the export licensing compliance matters recorded in the fourth quarter 2011.

Interest Expense, Net:  Approximately $15 million of favorable pre-tax interest adjustments related to the conclusion of the IRS's examination of the Company's 2006 – 2008 tax years.

Income Tax Expense:  Approximately $203 million of favorable income tax adjustments related to the conclusion of the IRS's examination of the Company's 2006 – 2008 tax years.

Discontinued Operations:

  • Approximately $360 million and $590 million of pre-tax goodwill impairment charges ($220 million and $410 million after tax) related to Rocketdyne and Clipper, respectively.
  • Approximately $235 million of unfavorable income tax adjustments related to the recognition of a deferred tax liability on the existing difference between the expected accounting versus tax gain on the planned disposition of legacy Hamilton Sundstrand's Industrial businesses.

Quarter Ended September 30, 2011

UTC Climate, Controls & Security: 

  • Approximately $28 million net gain resulting from dispositions associated with UTC Climate, Controls & Security's ongoing portfolio transformation.
  • Approximately $20 million other-than-temporary impairment charge on an equity investment.

Pratt & Whitney:  Approximately $41 million gain recognized from the sale of an equity investment.

Income Tax Expense:  Favorable tax benefit of approximately $17 million as a result of a U.K. tax rate reduction enacted in July 2011.

Quarter Ended June 30, 2011

Sikorsky:  Approximately $73 million gain recognized from the contribution of a business into a new venture in the United Arab Emirates.

The following page provides segment net sales, operating profits and operating profit margins as adjusted for the aforementioned restructuring costs and non-recurring items.  Management believes these adjusted results more accurately portray the ongoing operational performance and fundamentals of the underlying businesses.  The amount and timing of restructuring costs and non-recurring activity can vary substantially from period to period with no assurances of comparable activity or amounts being incurred in future periods.  These amounts have therefore been adjusted out in the following schedule in order to provide a more representative comparison of current year operating performance to prior year performance.

 

 

United Technologies Corporation

 

Segment Net Sales and Operating Profit Adjusted for Restructuring Costs and Non-Recurring Items (as reflected on the previous pages)

Quarter Ended

September 30,

Nine Months Ended

September 30,

(Unaudited)

(Unaudited)

(Millions)

2012

2011

2012

2011

Net Sales

Otis

$

3,054

$

3,262

$

8,851

$

9,226

UTC Climate, Controls & Security

4,259

4,921

12,943

14,454

Pratt & Whitney

3,574

3,081

10,073

9,230

UTC Aerospace Systems

2,670

1,187

5,160

3,496

Sikorsky

1,649

1,877

4,615

5,245

Segment Sales

15,206

14,328

41,642

41,651

Eliminations and other

(164)

(93)

(377)

(274)

Consolidated Net Sales

$

15,042

$

14,235

$

41,265

$

41,377

Adjusted Operating Profit

Otis

$

693

$

772

$

1,973

$

2,151

UTC Climate, Controls & Security

658

627

1,841

1,808

Pratt & Whitney

412

460

1,282

1,341

UTC Aerospace Systems

306

205

720

566

Sikorsky

215

228

570

576

Adjusted Segment Operating Profit

2,284

2,292

6,386

6,442

Eliminations and other

(46)

(8)

(64)

(101)

General corporate expenses

(103)

(102)

(303)

(295)

Adjusted Consolidated Operating Profit

$

2,135

$

2,182

$

6,019

$

6,046

Adjusted Segment Operating Profit Margin

Otis

22.7%

23.7%

22.3%

23.3%

UTC Climate, Controls & Security

15.4%

12.7%

14.2%

12.5%

Pratt & Whitney

11.5%

14.9%

12.7%

14.5%

UTC Aerospace Systems

11.5%

17.3%

14.0%

16.2%

Sikorsky

13.0%

12.1%

12.4%

11.0%

Adjusted Consolidated Segment Operating Profit Margin

15.0%

16.0%

15.3%

15.5%

 

United Technologies Corporation

 

Condensed Consolidated Balance Sheet

September 30,

December 31,

2012

2011

(Millions)

(Unaudited)

(Unaudited)

Assets

Cash and cash equivalents

$

6,242

$

5,960

Accounts receivable, net

10,610

9,546

Inventories and contracts in progress, net

10,467

7,797

Assets of discontinued operations

1,884

-

Other assets, current

2,482

2,455

Total Current Assets

31,685

25,758

Fixed assets, net

8,239

6,201

Goodwill

27,630

17,943

Intangible assets, net

15,146

3,918

Other assets

9,246

7,632

Total Assets

$

91,946

$

61,452

Liabilities and Equity

Short-term debt

$

5,291

$

759

Accounts payable

6,156

5,570

Accrued liabilities

14,600

12,287

Liabilities of discontinued operations

405

-

Total Current Liabilities

26,452

18,616

Long-term debt

23,409

9,501

Other long-term liabilities

15,761

10,157

Total Liabilities

65,622

38,274

Redeemable noncontrolling interest

233

358

Shareowners' Equity:

Common Stock

13,657

13,293

Treasury Stock

(19,258)

(19,410)

Retained earnings

35,219

33,487

Accumulated other comprehensive loss

(4,663)

(5,490)

Total Shareowners' Equity

24,955

21,880

Noncontrolling interest

1,136

940

Total Equity

26,091

22,820

Total Liabilities and Equity

$

91,946

$

61,452

Debt Ratios:

Debt to total capitalization

52%

31%

Net debt to net capitalization

46%

16%

See accompanying Notes to Condensed Consolidated Financial Statements.

 

United Technologies Corporation

 

Condensed Consolidated Statement of Cash Flows

Quarter Ended

 September 30,

Nine Months Ended

September 30,

(Unaudited)

(Unaudited)

(Millions)

2012

2011

2012

2011

Operating Activities of Continuing Operations:

Income from continuing operations

$

1,341

$

1,384

$

4,163

$

3,841

Adjustments to reconcile income from continuing operations to net cash flows provided by operating activities of continuing operations:

Depreciation and amortization

422

324

1,047

962

Deferred income tax provision

18

48

29

337

Stock compensation cost

54

55

150

179

Change in working capital

(48)

239

(149)

(552)

Global pension contributions

(209)

(176)

(233)

(246)

Other operating activities, net

47

33

(356)

29

Net cash flows provided by operating activities of continuing operations

1,625

1,907

4,651

4,550

Investing Activities of Continuing Operations:

Capital expenditures

(317)

(199)

(748)

(570)

Acquisitions and dispositions of businesses, net

(15,721)

192

(15,646)

153

Increase (decrease) in restricted cash, net

10,505

-

(191)

8

Increase in collaboration intangible assets

(150)

-

(1,394)

-

Other investing activities, net

(40)

21

(16)

121

Net cash flows (used in) provided by investing activities of continuing operations

(5,723)

14

(17,995)

(288)

Financing Activities of Continuing Operations:

Issuance (repayment) of long-term debt, net

14

10

10,798

(50)

Increase (decrease) in short-term borrowings, net

4,927

(32)

4,509

1,130

Dividends paid on Common Stock

(463)

(411)

(1,288)

(1,192)

Repurchase of Common Stock

-

(675)

-

(2,175)

Other financing activities, net

131

(183)

(33)

(103)

Net cash flows provided by (used in) financing activities of continuing operations

4,609

(1,291)

13,986

(2,390)

Discontinued Operations:

Net cash provided by operating activities

19

52

22

28

Net cash used in investing activities

(345)

(5)

(352)

(10)

Net cash used in financing activities

-

(10)

-

(20)

Net cash (used in) provided by discontinued operations

(326)

37

(330)

(2)

Effect of foreign exchange rate changes on cash and

    cash equivalents

62

(97)

25

13

Net increase in cash and cash equivalents

247

570

337

1,883

Cash and cash equivalents, beginning of period

6,050

5,396

5,960

4,083

Cash and cash equivalents, end of period

$

6,297

$

5,966

$

6,297

$

5,966

Less: Cash and cash equivalents of discontinued operations

55

-

55

-

Cash and cash equivalents of continuing operations, end of period

$

6,242

$

5,966

$

6,242

$

5,966

See accompanying Notes to Condensed Consolidated Financial Statements.

 

United Technologies Corporation

 

Free Cash Flow Reconciliation

Quarter Ended September 30,

(Unaudited)

(Millions)

2012

2011

Net income attributable to common shareowners from continuing operations

$

1,247

$

1,290

Net cash flows provided by operating activities of continuing operations

$

1,625

$

1,907

Net cash flows provided by operating activities of continuing operations as a percentage of net income attributable to common shareowners from continuing operations

130

%

148

%

Capital expenditures

(317)

(199)

Capital expenditures as a percentage of net income attributable to common shareowners from continuing operations

(25)

%

(15)

%

Free cash flow

$

1,308

$

1,708

Free cash flow as a percentage of net income attributable to common shareowners from continuing operations

105

%

132

%

Nine Months Ended September 30,

(Unaudited)

(Millions)

2012

2011

Net income attributable to common shareowners from continuing operations

$

3,902

$

3,551

Net cash flows provided by operating activities of continuing operations

$

4,651

$

4,550

Net cash flows provided by operating activities of continuing operations as a percentage of net income attributable to common shareowners from continuing operations

119

%

128

%

Capital expenditures

(748)

(570)

Capital expenditures as a percentage of net income attributable to common shareowners from continuing operations

(19)

%

(16)

%

Free cash flow

$

3,903

$

3,980

Free cash flow as a percentage of net income attributable to common shareowners from continuing operations

100

%

112

%

United Technologies Corporation

Notes to Condensed Consolidated Financial Statements

(1) Debt to total capitalization equals total debt divided by total debt plus equity.  Net debt to net capitalization equals total debt less cash and cash equivalents divided by total debt plus equity less cash and cash equivalents.

(2) Organic sales growth represents the total reported increase within the Corporation's ongoing businesses less the impact of foreign currency translation, acquisitions and divestitures completed in the preceding twelve months and significant non-recurring items.

(3) Free cash flow, which represents cash flow from operations less capital expenditures, is the principal cash performance measure used by UTC. Management believes free cash flow provides a relevant measure of liquidity and a useful basis for assessing UTC's ability to fund its activities, including the financing of acquisitions, debt service, repurchases of UTC's common stock and distribution of earnings to shareholders.  Other companies that use the term free cash flow may calculate it differently.  The reconciliation of net cash flow provided by continuing operating activities, prepared in accordance with generally accepted accounting principles, to free cash flow is shown above.

(4) Prior period amounts reported within these Condensed Consolidated Financial Statements have been revised for:

  • The combination of the financial results of the former Carrier and UTC Fire & Security segments into a new segment called UTC Climate, Controls & Security; and
  • Discontinued operations related to actual and planned divestiture of a number of non-core businesses.

Contact:

John Moran

(860) 728-7061

SOURCE United Technologies Corp.



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http://www.utc.com