Goodrich Acquisition Will Affect 2012 UTC Earnings
By STEPHEN SINGER, AP Business Writer
HARTFORD, Conn. (AP) _ The chief executive of United Technologies Corp. says the aerospace and building systems
manufacturer expects revenue next year will miss Wall Street expectations as it absorbs a sizable acquisition.
Louis Chenevert, CEO of the parent corporation of Sikorsky Aircraft, Otis elevator and other companies, told analysts in New York Thursday that 2012 earnings are expected to be $5.80 to $6 per share. Revenue should be between $59 billion and $60 billion, up 3 percent from this year.
Analysts surveyed by FactSet expect per-share earnings of $5.89 and revenue of $62.88 billion.
The estimates exclude the impact of the Hartford-based company’s $16.4 billion purchase of Goodrich Corp., which was announced in September.
Chenevert said the acquisition will be tough to absorb and is not expected to add to profit until 2013.
(Copyright 2011 by The Associated Press. All Rights Reserved.)