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United Technologies announces 2019 results
From:Jiahang Aero Posted on:2020-01-29 22:25:42 Clicks:129


January 29, 2020

United Technologies reports sales, adjusted earnings per share, and free cash flow for 2019, and announces 2020 results for Pratt & Whitney and Collins Aerospace

 

Q4 2019

*Sales of $ 19.6 billion, up 8% year-on-year, including 1% organic growth

*GAAP earnings per share were $ 1.32, up 59%

*Adjusted earnings per share of $ 1.94, down 1%

All year 2019

*Sales of $ 77 billion, up 16% including 5% organic growth

*GAAP earnings per share were $ 6.41, down 1%

*Adjusted earnings per share of $ 8.26, up 9%

 

United Technologies Corporation (NYSE: UTX) announced fourth-quarter and full-year results for 2019, as well as 2020 performance forecasts for Pratt & Whitney and Collins Aerospace Systems.

 

Gregory Hayes, Chairman and Chief Executive Officer of United Technologies, said: "Union Technology achieved record sales, adjusted earnings per share and free cash flow in 2019, thanks to the continuous demonstrated Strong strength, and Otis' profit return to growth. Organic sales increased by 5%, adjusted earnings and free cash flow exceeded our expected maximum. In this unprecedented year of change, our 2019 performance reflects This highlights our commitment to focus on our customers, and the hard work and professionalism of all our 240,000 employees. "

 

He Guorui also said: "The spin-off of Otis and Carrier into an independent company has been basically completed. We will carry out the final steps of the spin-off at the beginning of the second quarter. The merger is still looking forward to, and the combined Raytheon technology company will become a leading aerospace and defense system and service provider. Our goal is to prepare for the merger while we complete the business spin-off. "

 

 

Q4 2019

Sales in the fourth quarter of 2019 were $ 19.6 billion, an increase of 8% year-on-year, including 1% increase in organic sales, 8% of net acquisition gains, and 1% of foreign exchange losses. GAAP earnings per share were US $ 1.32, an increase of 59% year-on-year, including non-recurring net expenses of US $ 0.46 and restructuring costs of US $ 0.16. Adjusted earnings per share were $ 1.94, down 1% year-on-year.

 

Net income in the fourth quarter was $ 1.1 billion, a year-on-year increase of 67%, including non-recurring net expenses of $ 540 million. Operating cash flow was $ 2.8 billion, capital expenditures were $ 897 million, and free cash flow was $ 1.9 billion.

 

During the quarter, Collins Aerospace ’s commercial aviation aftermarket sales increased 42% and organically increased 9%. Collins Aerospace ’s commercial aviation aftermarket sales increased 11% in form (including Rockwell Collins). After an 11% increase in 2018, Pratt & Whitney's commercial aviation aftermarket sales were flat compared to the same period last year. Carrier's equipment orders fell 4% organically this quarter. Calculated at a fixed exchange rate, Otis' new-ticket orders increased by 3% this quarter, and the 12-month rolling calculation was the same as the same period last year.

 

 

 

All year 2019

Full-year sales in 2019 were US $ 77 billion, an increase of 16% year-on-year, including 5 percentage points in organic sales growth, 12 percentage points in net acquisition gains, and 1 percentage point in foreign exchange losses. In accordance with generally accepted accounting principles (GAAP), the full-year earnings per share were US $ 6.41, a year-on-year decrease of 1%, including net expenses of US $ 1.85 from restructuring and other major events, including one-time business spin-off expenses of US $ 1.46. Adjusted earnings per share were $ 8.26, an increase of 9% year-on-year.

 

Net income in 2019 was $ 5.5 billion, an increase of 5% year-on-year. Operating cash flow was US $ 8.9 billion, capital expenditure was US $ 2.3 billion, and free cash flow was US $ 6.6 billion, including a one-time cash cost of approximately US $ 400 million due to business division.

 

In 2019, the accumulated flight hours of Pratt & Whitney GTF engines exceeded 4.6 million hours. By the end of the year, 47 airlines had benefited from the low fuel consumption, low emissions and low noise of this engine. Collins Aerospace's full-year performance continued to be strong and saved approximately $ 300 million through cost synergies, steadily advancing its goal of saving at least $ 600 million over four years. Otis completed one of the largest and most complex modernization projects in the Empire State Building to date, including the installation of a tailor-made Gen2 glass elevator. Carrier continues its commitment to innovation, releasing more than 100 new products for the fifth consecutive year.

 

2020 Outlook

Taking into account the upcoming business adjustments, Raytheon's sales, adjusted earnings per share and free cash flow outlook will be provided upon completion of the merger.

 

Carrier and Otis will announce their performance forecasts at the pre-separation shareholders' meetings on February 10 and 11, respectively.

 

United Technologies' expectations for Pratt & Whitney and Collins Aerospace's 2020 performance:

 

Compared with 2019, Pratt & Whitney's sales increased by single digits;

 

? Pratt & Whitney's adjusted operating profit increased by $ 225 million to $ 275 million compared to 2019;

 

· Collins Aerospace's low-single-digit year-on-year decline, including the negative impact of approximately 5 percentage points caused by the suspension of production of the Boeing 737 MAX, the decline in ADS-B authorized sales, and the impact of divestitures related to Raytheon merger;

 

Collins Aerospace's adjusted operating profit decreased by US $ 275 million to US $ 325 million compared to 2019, including approximately US $ 550 million to US $ 600 million caused by the 737 MAX, decreased ADS-B authorized profits, and divestitures related to the Raytheon merger Impact.

 

 

* Note: When forecasting adjusted operating profit, adjustments to the differences between the expectations of non-GAAP financial indicators (Non-GAAP) and the corresponding GAAP indicators are often difficult to reasonably obtain. See "Using Non-GAAP Financial Measures" for more information.