With Collins Aerospace on board, UTC gets Q4 lift
As it assimilates new acquisition Rockwell Collins, United Technologies increased fourth quarter sales 15 percent from a year earlier to $18 billion, with profits up 73 percent to $686 million.
Farmington-based UTC is in the process of divesting its Otis, Carrier and building fire and security divisions to focus on its aviation businesses, including its newly expanded Collins Aerospace division formerly known as UTC Aerospace which is a major employer in Danbury. UTC took charges of $47 million during the quarter accounting for initial restructuring at Collins Aerospace of $83 million in total at the division, without specifying immediately any impact on jobs.
For the full year, UTC sales were up 11 percent to $66.5 billion, with profits jumping 15 percent to $5.3 billion.
Alex.Soule@scni.com; 203-842-2545; @casoulman