Defense contractor United Technologies rakes in record $77B

FAN Editor

United Technologies delivered record results in 2019.

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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.


“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.

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