UTC Announces 2015 EPS And Sales Expectations

- Updates 2014 EPS expectation to approximately $6.80

- Projects 2015 EPS expectation of $7.00 to $7.20

- 2015 sales expected to be $66 - $67 billion on organic sales growth of 3 to 5 percent

News provided by

Dec 11, 2014, 05:00 ET

NEW YORK, Dec. 11, 2014 /PRNewswire/ -- In a meeting with investors and analysts today, United Technologies Corp. (NYSE: UTX) President & Chief Executive Officer Gregory Hayes communicated the company's expectation for 2014 earnings per share of $6.80, at the mid-point of the previous earnings outlook of $6.75 to $6.85. The 2014 EPS expectation includes a charge of $0.25 related to a previously disclosed German tax litigation matter, which will be partially offset by approximately $0.20 of other favorable items. The company continues to expect sales for 2014 of approximately $65 billion. The company also anticipates 2015 earnings per share of $7.00 to $7.20, up 3 to 6 percent. Sales for 2015 are expected to be $66 billion to $67 billion, including 3 to 5 percent organic growth.

"2014 has been a solid year for United Technologies," Hayes said. "We expect to deliver earnings growth of 10 percent on a 4 percent increase in organic sales, despite a slow-growth global economy. With strong backlog and orders momentum exiting the year, we anticipate continued organic sales growth in 2015 across each of our businesses."

"It's an honor to lead such a great company," Hayes continued. "The UTC portfolio is well positioned in growth markets and we've made the right investments to drive sustainable long-term shareholder value."

Today's United Technologies meeting with investors and analysts was broadcast live on the Internet and the audio and presentation materials are available at www.utc.com. United Technologies Corp., based in Hartford, Connecticut, provides high technology products and services to the building and aerospace industries. To learn more about UTC, visit the website or follow the company on Twitter: @UTC.

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 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 industries in which we operate, including financial market conditions, fluctuations in commodity prices, interest rates and foreign currency exchange rates; 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 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; challenges in 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 of share repurchases depends upon 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 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.

UTC-IR