Report: United Technologies Sees Earnings Growth in 2013

By FOXBusiness

Despite a cautious outlook on economic growth, United Technologies (NYSE:UTX) reaffirmed its fiscal 2012 outlook on Thursday and said it sees higher earnings in 2013, according to a report by Reuters citing UTX chief financial officer Greg Hayes.

The Hartford, Conn.-based maker of technology products for the aerospace industry sees the U.S. economy growing just 1.8% in 2013, down from its year-earlier estimate of 2.3%.

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The world economy is also expected to grow slower than UTX had expected and it sees Europe remaining flat.

However, UTX still expects to meet its own expectations in the current fiscal year and actually predicts growing earnings per share next year, helped partially by the Goodrich acquisition, which is expected to add 50 cents per share next year.

United Technologies closed its $18.4 billion purchase of Goodrich in July.

The company in September said it expected to earn between $5.25 and $5.35 this year, bracketing the Street’s $5.32 a share, on sales of $58 billion to $59 billion, in line with the consensus’ $58.6 billion.

Additionally, Hayes told Reuters that UTX plans to pay down $7 billion in debt over the next few months. He also sees at least $1 billion in share repurchases next year.

United Technologies did not immediately respond to for a comment.

Shares of the company ticked slightly higher to $78.89 on Monday and are up nearly 8% since January.