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united technologies corp (UTX) Key Developments

United Technologies Corporation(NYSE:UTX) dropped from S&P 500 Growth Index

United Technologies Corporation(NYSE:UTX) dropped from S&P 500 Growth Index

United Technologies Corporation provides Earnings Guidance for the fourth quarter and Full Year of 2014; Provides Earnings Guidance for the Year 2015

United Technologies Corporation provides earnings guidance for the fourth quarter and full year of 2014. For the year 2014, the company's expectation earnings per share of $6.80, at the mid-point of the previous earnings outlook of $6.75 to $6.85. The 2014 EPS expectation includes a charge of $0.25 related to a previously disclosed German tax litigation matter, which will be partially offset by approximately $0.20 of other favorable items. The company continues to expect sales for 2014 of approximately $65 billion. Free cash flow is to be ~90% of net income. The company provided earnings guidance for the fourth quarter of 2014. For the quarter, the company expects sales of ~$17 billion and earnings per share of ~$1.60. The company provided earnings guidance for the year 2015. For the year 2015, the company anticipates earnings per share of $7.00 to $7.20, up 3% to 6%. Sales for 2015 are expected to be $66 billion to $67 billion, including 3% to 5% organic growth. The company expects earnings per share of ~$7.10. Free cash flow is to be 90% to 100% of net income attributable to common shareowners.

United Technologies Corp. Announces Executives Changes, Effective January 1, 2015

United Technologies Corp. announced the appointment of Akhil Johri as the corporation's senior vice president and chief financial officer, effective January 1, 2015. Johri will have global responsibility for its Finance function and for financial communications and investor relations. He will report to UTC president and chief executive officer Gregory J. Hayes. The most recent role of Johri was vice president of finance and chief financial officer for UTC Propulsion & Aerospace Systems, which includes Pratt & Whitney and UTC Aerospace Systems. Upon the effective date of Johri's appointment, Peter F. Longo, currently the corporation's Acting Chief Financial Officer, will resume his prior position as vice president, finance & chief financial officer, UTC Propulsion & Aerospace Systems.

United Technologies Corporation Announces Management Changes

On November 23, 2014, the Board of United Technologies Corporation appointed Gregory J. Hayes, the company's Chief Financial Officer, to serve as President and Chief Executive Officer of the Company and as a member of the Board. In connection with his appointment as President and CEO, Mr. Hayes was appointed as a member of the Executive Committee of the Board. Mr. Hayes came to the Company through the 1999 merger with Sundstrand Corporation, where he served as Vice President, Finance, for Sundstrand Aerospace. Also on November 23, 2014, the Board appointed Edward A. Kangas, the Lead Director of the Board and an independent director since 2008, as non-executive Chairman of the Board, and appointed Peter F. Longo, the current Vice President, Finance and Chief Financial Officer, UTC Propulsion & Aerospace Systems, as Acting Chief Financial Officer of UTC. Peter F. Longo who joined the Company in 1988, has extensive familiarity with the company, has served in a number of leadership roles at the Company since joining and brings with him prior experience as an auditor at PricewaterhouseCoopers LLP. Mr. Longo became Vice President, Finance & Chief Financial Officer, Finance in 2003; Vice President, Finance & Chief Financial Officer, Hamilton Sundstrand in 2005; Vice President, Controller, Controllers in 2011; and Vice President, Finance & Chief Financial Officer, Propulsion & Aerospace Systems in 2013.

United Technologies Corporation Announces Executive Changes

United Technologies Corporation announced that Louis R. Chenevert has informed the Board of Directors of his retirement as Chairman and Chief Executive Officer, effective immediately. Gregory J. Hayes, UTC Senior Vice President and Chief Financial Officer, has been elected President, Chief Executive Officer and a director. Edward A. Kangas, lead independent director, has been elected non-executive Chairman of the board. Mr. Hayes, 54, is a 25-year veteran of UTC who has served for the last six years as the company's Senior Vice President and Chief Financial Officer. In addition to his other responsibilities as Chief Financial Officer, Mr. Hayes has directed communications and interactions between UTC's Board of Directors and the investor community.

 

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