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                United Technologies Reports Third Quarter 2019 Results; Raises 2019 Adjusted EPS And Free Cash Flow Outlook

                • Strong sales and operating profit drive United Technologies' performance in Q3; Robust cash generation in the quarter;
                • Sales of $19.5 billion, up 18 percent versus prior year including 5 percent organic growth
                • GAAP EPS of $1.33, down 14 percent or $0.21 versus prior year including $0.73 of charges related to Otis and Carrier portfolio separation activities
                • Adjusted EPS of $2.21, up 15 percent versus prior year

                FARMINGTON, Conn., Oct. 22, 2019 /PRNewswire/ -- United Technologies Corp. (NYSE: UTX) reported third quarter 2019 results and increased its full year adjusted EPS and free cash flow outlook for 2019.

                "United Technologies delivered another strong quarter with 5 percent organic sales growth, as well as margin expansion across all four businesses," said UTC Chairman and Chief Executive Officer Gregory Hayes. "Our strong performance through the first three quarters gives us confidence in the improved adjusted EPS range of $8.05 to $8.15 and free cash flow range of $5.3 to $5.7 billion for the year.* Continued strength at Collins Aerospace, including the integration of Rockwell Collins, and a lower tax rate are expected to more than offset softness we are seeing at Carrier."

                Hayes continued, "Looking ahead, our transformational merger with Raytheon Company, which was overwhelmingly approved by both companies' shareowners this month, positions Raytheon Technologies as a premier aerospace and defense systems provider and a leader in high technology segments. We also remain on track to establish Otis and Carrier as independent companies in the first half of 2020, with the end of the first quarter as our target."      

                Third quarter sales of $19.5 billion were up 18 percent over the prior year, including 5 points of organic sales growth and 14 points of acquisition benefit offset by 1 point of foreign exchange headwind. GAAP EPS of $1.33 was down 14 percent versus the prior year and included 82 cents of net nonrecurring charges and 6 cents of restructuring charges. Adjusted EPS of $2.21 was up 15 percent.

                Net income in the quarter was $1.1 billion, down 7 percent versus the prior year and included $760 million of net nonrecurring charges. Cash flow from operations was $2.5 billion and capital expenditures were $529 million, resulting in free cash flow of $2.0 billion.

                Collins Aerospace commercial aftermarket sales were up 78 percent and up 20 percent organically. On a pro forma basis, Collins Aerospace commercial aftermarket sales were up 17 percent including Rockwell Collins. Pratt & Whitney commercial aftermarket sales were up 6 percent. Equipment orders at Carrier were down 11 percent organically. Otis new equipment orders were up 6 percent at constant currency in the quarter and down 1 percent on a rolling twelve month basis.

                UTC updates its 2019 outlook* and now anticipates:

                • Adjusted EPS of $8.05 to $8.15, up from $7.90 to $8.05;
                • Sales of $76.0 to $76.5 billion versus the prior outlook of $75.5 to $77.0 billion;
                • Free cash flow of $5.3 to $5.7 billion including $1.0 billion of one-time cash payments related to the portfolio separation, up from $4.5 to $5.0 billion;
                • There is no change in the Company's previously provided 2019 expectations for organic sales growth of 4 to 5 percent.

                *Note: When we provide expectations for adjusted EPS, organic sales and free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures generally is not available without unreasonable effort.  See "Use and Definitions of Non-GAAP Financial Measures" below for additional information.

                United Technologies Corp., based in Farmington, Connecticut, provides high technology products and services to the building and aerospace industries. By combining a passion for science with precision engineering, the company is creating smart, sustainable solutions the world needs. Additional information, including a webcast, is available at www.1banxin.com or https://edge.media-server.com/mmc/p/bkoavkkk, or to listen to the earnings call by phone, dial (877) 280-7280 between 8:10 a.m. and 8:30 a.m. ET. To learn more about UTC, visit the website or follow the company on Twitter: @UTC

                Use and Definitions of Non-GAAP Financial Measures

                United Technologies Corporation ("UTC") reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP").

                We supplement the reporting of our financial information determined under GAAP with certain non-GAAP financial information.  The non-GAAP information presented provides investors with additional useful information, but should not be considered in isolation or as substitutes for the related GAAP measures.  Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies.  We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. 

                Adjusted net sales, organic sales, adjusted operating profit, adjusted net income, adjusted earnings per share ("EPS"), and the adjusted effective tax rate are non-GAAP financial measures.  Adjusted net sales represents consolidated net sales from continuing operations (a GAAP measure), excluding significant items of a non-recurring and/or nonoperational nature (hereinafter referred to as "other significant items").  Organic sales represents consolidated net sales (a GAAP measure), excluding the impact of foreign currency translation, acquisitions and divestitures completed in the preceding twelve months and other significant items.  Adjusted operating profit represents income from continuing operations (a GAAP measure), excluding restructuring costs and other significant items. Adjusted net income represents net income from continuing operations (a GAAP measure), excluding restructuring costs and other significant items. Adjusted EPS represents diluted earnings per share from continuing operations (a GAAP measure), excluding restructuring costs and other significant items.  The adjusted effective tax rate represents the effective tax rate (a GAAP measure), excluding restructuring costs and other significant items.  For the business segments, when applicable, adjustments of net sales, operating profit and margins similarly reflect continuing operations, excluding restructuring and other significant items.  Management believes that the non-GAAP measures just mentioned are useful in providing period-to-period comparisons of the results of the Company's ongoing operational performance. 

                Free cash flow is a non-GAAP financial measure that represents cash flow from operations (a GAAP measure) less capital expenditures.  Management believes free cash flow is a useful measure of liquidity and an additional basis for assessing UTC's ability to fund its activities, including the financing of acquisitions, debt service, repurchases of UTC's common stock and distribution of earnings to shareholders.

                A reconciliation of the non-GAAP measures to the corresponding amounts prepared in accordance with GAAP appears in the tables in this Appendix.  The tables provide additional information as to the items and amounts that have been excluded from the adjusted measures.

                When we provide our expectation for adjusted EPS, adjusted operating profit, adjusted effective tax rate, organic sales and free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures (expected diluted EPS from continuing operations, operating profit, the effective tax rate, sales and expected cash flow from operations) generally is not available without unreasonable effort due to potentially high variability, complexity and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, the ultimate outcome of pending litigation, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, and other structural changes or their probable significance.  The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.

                Cautionary Statement

                This communication contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. From time to time, oral or written forward-looking statements may also be included in other information released to the public. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "confident," "on track" and other words of similar meaning. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, share repurchases, tax rates, R&D spend, other measures of financial performance, potential future plans, strategies or transactions, credit ratings and net indebtedness, other anticipated benefits of the Rockwell Collins acquisition, the proposed merger with Raytheon Company ("Raytheon") or the spin-offs by UTC of Otis and Carrier into separate independent companies (the "separation transactions"), including estimated synergies and customer cost savings resulting from the proposed merger with Raytheon, the expected timing of completion of the proposed merger and the separation transactions, estimated costs associated with such transactions and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995. Such risks, uncertainties and other factors include, without limitation: (1) the effect of economic conditions in the industries and markets in which UTC and Raytheon operate in the U.S. and globally and any changes therein, including financial market conditions, fluctuations in commodity prices, interest rates and foreign currency exchange rates, levels of end market demand in construction and in both the commercial and defense segments of the aerospace industry, levels of air travel, financial condition of commercial airlines, the impact of weather conditions and natural disasters, the financial condition of our customers and suppliers, and the risks associated with U.S. government sales (including changes or shifts in defense spending due to budgetary constraints, spending cuts resulting from sequestration, a government shutdown, or otherwise, and uncertain funding of programs); (2) challenges in the development, production, delivery, support, performance and realization of the anticipated benefits (including our expected returns under customer contracts) of advanced technologies and new products and services; (3) the scope, nature, impact or timing of the proposed merger with Raytheon and the separation transactions and other merger, acquisition and divestiture activity, including among other things the integration of or with other businesses and realization of synergies and opportunities for growth and innovation and incurrence of related costs and expenses; (4) future levels of indebtedness, including indebtedness that may be incurred in connection with the proposed merger with Raytheon and the separation transactions, and capital spending and research and development spending; (5) future availability of credit and factors that may affect such availability, including credit market conditions and our capital structure; (6) the timing and scope of future repurchases by the companies of their respective common stock, which may be suspended at any time due to various factors, including market conditions and the level of other investing activities and uses of cash; (7) delays and disruption in delivery of materials and services from suppliers; (8) company and customer-directed cost reduction efforts and restructuring costs and savings and other consequences thereof (including the potential termination of U.S. government contracts and performance under undefinitized contract awards and the potential inability to recover termination costs); (9) new business and investment opportunities; (10) the ability to realize the intended benefits of organizational changes; (11) the anticipated benefits of diversification and balance of operations across product lines, regions and industries; (12) the outcome of legal proceedings, investigations and other contingencies; (13) pension plan assumptions and future contributions; (14) the impact of the negotiation of collective bargaining agreements and labor disputes; (15) the effect of changes in political conditions in the U.S. and other countries in which UTC, Raytheon and the businesses of each operate, including the effect of changes in U.S. trade policies or the U.K.'s pending withdrawal from the European Union, on general market conditions, global trade policies and currency exchange rates in the near term and beyond; (16) the effect of changes in tax (including U.S. tax reform enacted on December 22, 2017, which is commonly referred to as the Tax Cuts and Jobs Act of 2017), environmental, regulatory and other laws and regulations (including, among other things, export and import requirements such as the International Traffic in Arms Regulations and the Export Administration Regulations, anti-bribery and anti-corruption requirements, including the Foreign Corrupt Practices Act, industrial cooperation agreement obligations, and procurement and other regulations) in the U.S. and other countries in which UTC, Raytheon and the businesses of each operate; (17) negative effects of the announcement or pendency of the proposed merger or the separation transactions on the market price of UTC' and/or Raytheon's respective common stock and/or on their respective financial performance; (18) the ability of the parties to receive the required regulatory approvals for the proposed merger (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction) and to satisfy the other conditions to the closing of the merger on a timely basis or at all; (19) the occurrence of events that may give rise to a right of UTC or Raytheon or both to terminate the merger agreement; (20) risks relating to the value of the UTC's shares to be issued in the proposed merger with Raytheon, significant transaction costs and/or unknown liabilities; (21) the possibility that the anticipated benefits from the proposed merger with Raytheon cannot be realized in full or at all or may take longer to realize than expected, including risks associated with third party contracts containing consent and/or other provisions that may be triggered by the proposed transaction; (22) risks associated with transaction-related litigation; (23) the possibility that costs or difficulties related to the integration of UTC's and Raytheon's operations will be greater than expected; (24) risks relating to completed merger, acquisition and divestiture activity, including UTC's integration of Rockwell Collins, including the risk that the integration may be more difficult, time-consuming or costly than expected or may not result in the achievement of estimated synergies within the contemplated time frame or at all; (25) the ability of each of UTC, Raytheon and the companies resulting from the separation transactions and the combined company to retain and hire key personnel; (26) the expected benefits and timing of the separation transactions, and the risk that conditions to the separation transactions will not be satisfied and/or that the separation transactions will not be completed within the expected time frame, on the expected terms or at all; (27) the intended qualification of (i) the merger as a tax-free reorganization and (ii) the separation transactions as tax-free to UTC and UTC's shareowners, in each case, for U.S. federal income tax purposes; (28) the possibility that any opinions, consents, approvals or rulings required in connection with the separation transactions will not be received or obtained within the expected time frame, on the expected terms or at all; (29) expected financing transactions undertaken in connection with the proposed merger with Raytheon and the separation transactions and risks associated with additional indebtedness; (30) the risk that dissynergy costs, costs of restructuring transactions and other costs incurred in connection with the separation transactions will exceed UTC's estimates; and (31) the impact of the proposed merger and the separation transactions on the respective businesses of  UTC and Raytheon and the risk that the separation transactions may be more difficult, time-consuming or costly than expected, including the impact on UTC's resources, systems, procedures and controls, diversion of its management's attention and the impact on relationships with customers, suppliers, employees and other business counterparties. There can be no assurance that the proposed merger, the separation transactions or any other transaction described above will in fact be consummated in the manner described or at all. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see the joint proxy statement/prospectus (defined below) and the reports of UTC and Raytheon on Forms 10-K, 10-Q and 8-K filed with or furnished to the Securities and Exchange Commission (the "SEC") from time to time. Any forward-looking statement speaks only as of the date on which it is made, and UTC assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

                Additional Information

                In connection with the proposed merger, on September 4, 2019, UTC filed with the SEC an amendment to the registration statement on Form S-4 originally filed on July 17, 2019, which includes a joint proxy statement of UTC and Raytheon that also constitutes a prospectus of UTC (the "joint proxy statement/prospectus"). The registration statement was declared effective by the SEC on September 9, 2019, and UTC and Raytheon commenced mailing the joint proxy statement/prospectus to shareowners of UTC and stockholders of Raytheon on or about September 10, 2019. Each party will file other documents regarding the proposed merger with the SEC. In addition, in connection with the separation transactions, subsidiaries of UTC will file registration statements on Form 10 or Form S-1. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders may obtain copies of the registration statements and the joint proxy statement/prospectus free of charge from the SEC's website or from UTC or Raytheon. The documents filed by UTC with the SEC may be obtained free of charge at UTC's website at www.1banxin.com or at the SEC's website at www.sec.gov. These documents may also be obtained free of charge from UTC by requesting them by mail at UTC Corporate Secretary, 10 Farm Springs Road, Farmington, CT, 06032, by telephone at 1-860-728-7870 or by email at [email protected]. The documents filed by Raytheon with the SEC may be obtained free of charge at Raytheon's website at www.raytheon.com or at the SEC's website at www.sec.gov. These documents may also be obtained free of charge from Raytheon by requesting them by mail at Raytheon Company, Investor Relations, 870 Winter Street, Waltham, MA, 02451, by telephone at 1-781-522-5123 or by email at [email protected].

                No Offer or Solicitation

                This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

                Contact:

                Media Inquiries, UTC

                (860) 493-4364

                Investor Relations, UTC

                (860) 728-7608

                UTC-IR          

                United Technologies Corporation

                Condensed Consolidated Statement of Operations

                Quarter Ended September 30,

                Nine Months Ended September 30,

                (Unaudited)

                (Unaudited)

                (dollars in millions, except per share amounts)

                2019

                2018

                2019

                2018

                Net Sales

                $

                19,496

                $

                16,510

                $

                57,495

                $

                48,457

                Costs and Expenses:

                Cost of products and services sold

                14,211

                12,536

                42,331

                36,238

                Research and development

                732

                586

                2,203

                1,729

                Selling, general and administrative

                2,104

                1,681

                6,207

                5,151

                Total Costs and Expenses

                17,047

                14,803

                50,741

                43,118

                Other income, net

                37

                131

                361

                1,303

                Operating profit

                2,486

                1,838

                7,115

                6,642

                Non-service pension (benefit)

                (303)

                (188)

                (727)

                (571)

                Interest expense, net

                401

                258

                1,192

                721

                Income from operations before income taxes

                2,388

                1,768

                6,650

                6,492

                Income tax expense

                1,131

                419

                1,969

                1,636

                Net income from operations

                1,257

                1,349

                4,681

                4,856

                Less: Noncontrolling interest in subsidiaries' earningsfrom operations

                109

                111

                287

                273

                Net income attributable to common shareowners

                $

                1,148

                $

                1,238

                $

                4,394

                $

                4,583

                Earnings Per Share of Common Stock:

                Basic

                $

                1.34

                $

                1.56

                $

                5.14

                $

                5.80

                Diluted

                $

                1.33

                $

                1.54

                $

                5.09

                $

                5.72

                Weighted Average Number of Shares Outstanding:

                Basic shares

                855

                791

                854

                791

                Diluted shares

                864

                802

                863

                801

                United Technologies Corporation

                Segment Net Sales and Operating Profit

                Quarter Ended September 30,

                Nine Months Ended September 30,

                (Unaudited)

                (Unaudited)

                2019

                2018

                2019

                2018

                (dollars in millions)

                Reported

                Adjusted

                Reported

                Adjusted

                Reported

                Adjusted

                Reported

                Adjusted

                Net Sales

                Otis

                $

                3,307

                $

                3,307

                $

                3,223

                $

                3,223

                $

                9,751

                $

                9,751

                $

                9,604

                $

                9,604

                Carrier

                4,822

                4,822

                4,880

                4,880

                14,107

                14,107

                14,291

                14,291

                Pratt & Whitney

                5,283

                5,283

                4,789

                4,789

                15,250

                15,250

                13,854

                13,854

                Collins Aerospace Systems

                6,495

                6,495

                3,955

                3,955

                19,584

                19,584

                11,734

                11,734

                Segment Sales

                19,907

                19,907

                16,847

                16,847

                58,692

                58,692

                49,483

                49,483

                Eliminations and other

                (411)

                (411)

                (337)

                (337)

                (1,197)

                (1,197)

                (1,026)

                (1,026)

                Consolidated Net Sales

                $

                19,496

                $

                19,496

                $

                16,510

                $

                16,510

                $

                57,495

                $

                57,495

                $

                48,457

                $

                48,457

                Operating Profit

                Otis

                $

                508

                $

                512

                $

                486

                $

                489

                $

                1,449

                $

                1,493

                $

                1,424

                $

                1,476

                Carrier

                685

                861

                844

                857

                2,050

                2,289

                3,081

                2,334

                Pratt & Whitney

                471

                471

                109

                409

                1,328

                1,345

                919

                1,222

                Collins Aerospace Systems

                1,167

                1,195

                610

                627

                3,195

                3,485

                1,767

                1,892

                Segment Operating Profit

                2,831

                3,039

                2,049

                2,382

                8,022

                8,612

                7,191

                6,924

                Eliminations and other

                (232)

                (64)

                (102)

                (58)

                (572)

                (150)

                (210)

                (116)

                General corporate expenses

                (113)

                (112)

                (109)

                (109)

                (335)

                (332)

                (339)

                (335)

                Consolidated Operating Profit

                $

                2,486

                $

                2,863

                $

                1,838

                $

                2,215

                $

                7,115

                $

                8,130

                $

                6,642

                $

                6,473

                Segment Operating Profit Margin

                Otis

                15.4

                %

                15.5

                %

                15.1

                %

                15.2

                %

                14.9

                %

                15.3

                %

                14.8

                %

                15.4

                %

                Carrier

                14.2

                %

                17.9

                %

                17.3

                %

                17.6

                %

                14.5

                %

                16.2

                %

                21.6

                %

                16.3

                %

                Pratt & Whitney

                8.9

                %

                8.9

                %

                2.3

                %

                8.5

                %

                8.7

                %

                8.8

                %

                6.6

                %

                8.8

                %

                Collins Aerospace Systems

                18.0

                %

                18.4

                %

                15.4

                %

                15.9

                %

                16.3

                %

                17.8

                %

                15.1

                %

                16.1

                %

                Segment Operating Profit Margin

                14.2

                %

                15.3

                %

                12.2

                %

                14.1

                %

                13.7

                %

                14.7

                %

                14.5

                %

                14.0

                %

                United Technologies Corporation

                Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results

                Adjusted Operating Profit & Operating Profit Margin

                Quarter Ended September 30,

                Nine Months Ended September 30,

                (Unaudited)

                (Unaudited)

                (dollars in millions - Income (Expense))

                2019

                2018

                2019

                2018

                Otis

                Net sales

                $

                3,307

                $

                3,223

                $

                9,751

                $

                9,604

                Operating profit

                $

                508

                $

                486

                $

                1,449

                $

                1,424

                Restructuring

                (4)

                (3)

                (44)

                (52)

                Adjusted operating profit

                $

                512

                $

                489

                $

                1,493

                $

                1,476

                Adjusted operating profit margin

                15.5

                %

                15.2

                %

                15.3

                %

                15.4

                %

                Carrier

                Net sales

                $

                4,822

                $

                4,880

                $

                14,107

                $

                14,291

                Operating profit

                $

                685

                $

                844

                $

                2,050

                $

                3,081

                Restructuring

                (34)

                (17)

                (97)

                (52)

                Gain on sale of Taylor Company

                4

                799

                Investment impairment

                (108)

                (108)

                Consultant contract termination

                (34)

                (34)

                Adjusted operating profit

                $

                861

                $

                857

                $

                2,289

                $

                2,334

                Adjusted operating profit margin

                17.9

                %

                17.6

                %

                16.2

                %

                16.3

                %

                Pratt & Whitney

                Net sales

                $

                5,283

                $

                4,789

                $

                15,250

                $

                13,854

                Operating profit

                $

                471

                $

                109

                $

                1,328

                $

                919

                Restructuring

                (17)

                (3)

                Charge resulting from customer contract matters

                (300)

                (300)

                Adjusted operating profit

                $

                471

                $

                409

                $

                1,345

                $

                1,222

                Adjusted operating profit margin

                8.9

                %

                8.5

                %

                8.8

                %

                8.8

                %

                Collins Aerospace Systems

                Net sales

                $

                6,495

                $

                3,955

                $

                19,584

                $

                11,734

                Operating profit

                $

                1,167

                $

                610

                $

                3,195

                $

                1,767

                Restructuring

                (27)

                (17)

                (83)

                (77)

                Loss on sale of business

                (25)

                Amortization of Rockwell Collins inventory fair valueadjustment

                (181)

                Asset impairment

                (48)

                Costs associated with the Company's intention to separateits commercial businesses

                (1)

                (1)

                Adjusted operating profit

                $

                1,195

                $

                627

                $

                3,485

                $

                1,892

                Adjusted operating profit margin

                18.4

                %

                15.9

                %

                17.8

                %

                16.1

                %

                Eliminations and other general corporate expenses

                Operating profit

                $

                (345)

                $

                (211)

                $

                (907)

                $

                (549)

                Restructuring

                (1)

                (3)

                (4)

                Transaction and integration costs related to mergeragreement with Rockwell Collins, Inc.

                (11)

                (21)

                (30)

                (71)

                Costs associated with the Company's intention to separateits commercial businesses

                (132)

                (23)

                (341)

                (23)

                Transaction expenses associated with the Raytheon Merger

                (25)

                (51)

                Adjusted operating profit

                $

                (176)

                $

                (167)

                $

                (482)

                $

                (451)

                UTC Consolidated

                Operating profit

                $

                2,486

                $

                1,838

                $

                7,115

                $

                6,642

                Restructuring

                (66)

                (37)

                (244)

                (188)

                Total significant non-recurring and non-operational itemsincluded in Operating Profit above

                (311)

                (340)

                (771)

                357

                Consolidated Adjusted operating profit

                $

                2,863

                $

                2,215

                $

                8,130

                $

                6,473

                United Technologies Corporation

                Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results

                Adjusted Net Income, Earnings Per Share, and Effective Tax Rate

                Quarter Ended September 30,

                Nine Months EndedSeptember 30,

                (Unaudited)

                (Unaudited)

                (dollars in millions - Income (Expense))

                2019

                2018

                2019

                2018

                Income from operations attributable to common shareowners

                $

                1,148

                $

                1,238

                $

                4,394

                $

                4,583

                Restructuring Costs

                (66)

                (37)

                (244)

                (188)

                Total significant non-recurring and non-operational items included in Operating Profit

                (311)

                (340)

                (771)

                357

                Significant non-recurring and non-operational itemsincluded in Non-service Pension

                Pension curtailment

                98

                98

                Non-service pension cost restructuring

                2

                98

                98

                2

                Significant non-recurring and non-operational itemsincluded in Interest Expense, Net

                Rockwell Collins pre-acquisition interest

                (22)

                (22)

                Interest on tax settlements

                5

                63

                5

                (22)

                63

                (22)

                Tax effect of restructuring and significant non-recurringand non-operational items above

                24

                96

                141

                (58)

                Significant non-recurring and non-operational itemsincluded in Income Tax Expense

                Tax settlements

                8

                272

                Tax expenses related to separation of commercial businesses

                (518)

                (618)

                Income tax adjustments related to the estimated impact ofthe U.S. tax reform legislation enacted on December 22,2017

                (6)

                (52)

                (510)

                (6)

                (346)

                (52)

                Less: Impact on Net Income Attributable to CommonShareowners

                (760)

                (309)

                (1,059)

                39

                Adjusted net income attributable to common shareowners

                $

                1,908

                $

                1,547

                $

                5,453

                $

                4,544

                Diluted Earnings Per Share

                $

                1.33

                $

                1.54

                $

                5.09

                $

                5.72

                Impact on Diluted Earnings Per Share

                (0.88)

                (0.39)

                (1.23)

                0.05

                Adjusted Diluted Earnings Per Share

                $

                2.21

                $

                1.93

                $

                6.32

                $

                5.67

                Effective Tax Rate

                47.3

                %

                23.7

                %

                29.6

                %

                25.2

                %

                Impact on Effective Tax Rate

                (23.1)

                %

                (0.2)

                %

                (6.1)

                %

                (1.1)

                %

                Adjusted Effective Tax Rate

                24.2

                %

                23.5

                %

                23.5

                %

                24.1

                %

                United Technologies Corporation

                Components of Changes in Net Sales

                Quarter Ended September 30, 2019 Compared with Quarter Ended September 30, 2018

                Factors Contributing to Total % Change in Net Sales

                Organic

                FXTranslation

                Acquisitions /Divestitures, net

                Other

                Total

                Otis

                4%

                (2)%

                —%

                1%

                3%

                Carrier

                —%

                (2)%

                1%

                —%

                (1)%

                Pratt & Whitney

                11%

                (1)%

                —%

                —%

                10%

                Collins Aerospace Systems

                7%

                (1)%

                58%

                —%

                64%

                Consolidated

                5%

                (1)%

                14%

                —%

                18%

                Collins Aerospace Systems

                     Commercial aftermarket sales*

                20%

                —%

                58%

                —%

                78%

                *On a pro forma basis, Collins Aerospace Systems commercial aftermarket sales increased 17% calculated by combining the results of UTC with the stand-alone results of Rockwell Collins for the pre-acquisition periods adjusted for conformity, as if the acquisition had been completed on January 1, 2017.

                 

                Nine Months Ended September 30, 2019 Compared with Nine Months Ended September 30, 2018

                Factors Contributing to Total % Change in Net Sales

                Organic

                FXTranslation

                Acquisitions /Divestitures, net

                Other

                Total

                Otis

                5%

                (3)%

                —%

                —%

                2%

                Carrier

                2%

                (2)%

                (1)%

                —%

                (1)%

                Pratt & Whitney

                11%

                (1)%

                —%

                —%

                10%

                Collins Aerospace Systems

                9%

                (1)%

                59%

                —%

                67%

                Consolidated

                6%

                (1)%

                14%

                —%

                19%

                United Technologies Corporation

                Condensed Consolidated Balance Sheet

                September 30,

                December 31,

                2019

                2018

                (dollars in millions)

                (Unaudited)

                (Unaudited)

                Assets

                Cash and cash equivalents

                $

                7,341

                $

                6,152

                Accounts receivable, net

                13,607

                14,271

                Contract assets, current

                4,316

                3,486

                Inventory, net

                11,242

                10,083

                Other assets, current

                1,310

                1,511

                Total Current Assets

                37,816

                35,503

                Fixed assets, net

                12,200

                12,297

                Operating lease right-of-use assets

                2,556

                Goodwill

                48,041

                48,112

                Intangible assets, net

                25,686

                26,424

                Other assets

                12,710

                11,875

                Total Assets

                $

                139,009

                $

                134,211

                Liabilities and Equity

                Short-term debt

                $

                6,822

                $

                4,345

                Accounts payable

                10,840

                11,080

                Accrued liabilities

                11,672

                10,223

                Contract liabilities, current

                6,233

                5,720

                Total Current Liabilities

                35,567

                31,368

                Long-term debt

                37,782

                41,192

                Operating lease liabilities

                2,105

                Other long-term liabilities

                20,629

                20,932

                Total Liabilities

                96,083

                93,492

                Redeemable noncontrolling interest

                107

                109

                Shareowners' Equity:

                Common Stock

                22,806

                22,438

                Treasury Stock

                (32,588)

                (32,482)

                Retained earnings

                61,069

                57,823

                Accumulated other comprehensive loss

                (10,819)

                (9,333)

                Total Shareowners' Equity

                40,468

                38,446

                Noncontrolling interest

                2,351

                2,164

                Total Equity

                42,819

                40,610

                Total Liabilities and Equity

                $

                139,009

                $

                134,211

                Debt Ratios:

                Debt to total capitalization

                51

                %

                53

                %

                Net debt to net capitalization

                47

                %

                49

                %

                Debt to total capitalization equals total debt divided by total debt plus equity. Net debt to net capitalization equals total debt less cash and cash equivalents divided by total debt plus equity less cash and cash equivalents.

                United Technologies Corporation

                Condensed Consolidated Statement of Cash Flows

                Quarter EndedSeptember 30,

                Nine Months EndedSeptember 30,

                (Unaudited)

                (Unaudited)

                (dollars in millions)

                2019

                2018

                2019

                2018

                Operating Activities:

                Net income from operations

                $

                1,257

                $

                1,349

                $

                4,681

                $

                4,856

                Adjustments to reconcile net income from operations to net cash flowsprovided by operating activities:

                Depreciation and amortization

                967

                593

                2,831

                1,766

                Deferred income tax provision

                (25)

                25

                (19)

                70

                Stock compensation cost

                105

                64

                261

                181

                Portfolio separation tax cost

                518

                618

                Gain on sale of Taylor Company

                (4)

                (799)

                Change in working capital

                (15)

                (154)

                (571)

                (643)

                Global pension contributions

                (10)

                (13)

                (89)

                (72)

                Canadian government settlement

                (38)

                (221)

                Other operating activities, net

                (307)

                (98)

                (1,573)

                (821)

                Net cash flows provided by operating activities

                2,490

                1,762

                6,101

                4,317

                Investing Activities:

                Capital expenditures

                (529)

                (413)

                (1,359)

                (1,122)

                Acquisitions and dispositions of businesses, net

                (6)

                (38)

                95

                922

                Customer financing assets, net

                (113)

                (109)

                (444)

                (453)

                Increase in collaboration intangible assets

                (90)

                (121)

                (259)

                (302)

                Receipts (payments) from settlements of derivative contracts

                97

                (11)

                158

                71

                Other investing activities, net

                (115)

                (89)

                (164)

                (135)

                Net cash flows used in investing activities

                (756)

                (781)

                (1,973)

                (1,019)

                Financing Activities:

                (Repayment) issuance of long-term debt, net

                (629)

                10,979

                (638)

                11,316

                Increase (decrease) in short-term borrowings, net

                223

                586

                (104)

                1,228

                Dividends paid on Common Stock

                (611)

                (536)

                (1,830)

                (1,606)

                Repurchase of Common Stock

                (42)

                (20)

                (111)

                (72)

                Other financing activities, net

                (69)

                41

                (211)

                (27)

                Net cash flows (used in) provided by financing activities

                (1,128)

                11,050

                (2,894)

                10,839

                Effect of foreign exchange rate changes on cash and cash equivalents

                (81)

                (93)

                (65)

                (111)

                Net increase in cash, cash equivalents and restricted cash

                525

                11,938

                1,169

                14,026

                Cash, cash equivalents and restricted cash, beginning of period

                6,856

                11,106

                6,212

                9,018

                Cash, cash equivalents and restricted cash, end of period

                7,381

                23,044

                7,381

                23,044

                Less: Restricted cash

                40

                9,245

                40

                9,245

                Cash and cash equivalents, end of period

                $

                7,341

                $

                13,799

                $

                7,341

                $

                13,799

                Certain reclassifications have been made to conform to current presentation.

                United Technologies Corporation

                Free Cash Flow Reconciliation

                Quarter Ended September 30,

                (Unaudited)

                (dollars in millions)

                2019

                2018

                Net income attributable to common shareowners

                $

                1,148

                $

                1,238

                Net cash flows provided by operating activities

                $

                2,490

                $

                1,762

                Net cash flows provided by operating activities as a percentage of netincome attributable to common shareowners

                217

                %

                142

                %

                Capital expenditures

                (529)

                (413)

                Capital expenditures as a percentage of net income attributable tocommon shareowners

                (46)

                %

                (33)

                %

                Free cash flow

                $

                1,961

                $

                1,349

                Free cash flow as a percentage of net income attributable to commonshareowners

                171

                %

                109

                %

                Nine Months Ended September 30,

                (Unaudited)

                (dollars in millions)

                2019

                2018

                Net income attributable to common shareowners

                $

                4,394

                $

                4,583

                Net cash flows provided by operating activities

                $

                6,101

                $

                4,317

                Net cash flows provided by operating activities as a percentage of net income attributable to common shareowners

                139

                %

                94

                %

                Capital expenditures

                (1,359)

                (1,122)

                Capital expenditures as a percentage of net income attributable tocommon shareowners

                (31)

                %

                (24)

                %

                Free cash flow

                $

                4,742

                $

                3,195

                Free cash flow as a percentage of net income attributable to commonshareowners

                108

                %

                70

                %

                SOURCE United Technologies Corp.

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