Defense contractor United Technologies rakes in record $77B

FAN Editor

United Technologies delivered record results in 2019.

Continue Reading Below

The Farmington, Conn.-based aerospace conglomerate earned $5.5 billion, or $6.41 a share, as sales rose 16 percent year-over-year to a record $77 billion. Earnings of $8.26, excluding one-time items, topped the $8.15 average projection from analysts surveyed by Refinitiv.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

“United Technologies delivered record sales, adjusted earnings per share and free cash flow in 2019 on continued aerospace strength and a return to profit growth at Otis,” the division that makes elevators and escalators, CEO Gregory Hayes said in a statement. The company is on track to spin off that unit as well as Carrier air conditioners early in the second quarter, he added.

The conglomerate’s remaining aerospace businesses will be combined with Raytheon to form Raytheon Technologies, which Hayes plans to complete at the same time as the spinoff.

This story is developing. Check back for updates.

Free America Network Articles

Leave a Reply

Next Post

Goldman says staff with mainland China exposure should avoid office

FOX Business’ Maria Bartiromo discusses the effect of the Wuhan coronavirus on global markets. SHANGHAI — Goldman Sachs has instructed staff who have been in mainland China to work from home or be out of the office for 14 days since they were last there, according to an internal notice. […]