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.)

Comments

Leave a Reply

Please log in using one of these methods to post your comment:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Connecticut

WTIC Holiday Stores 2016
Hear WTIC Podcasts

Listen Live