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

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.



RELATED LINKS
http://www.utc.com

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