United Technologies Plans $1.5 Bln Restructuring Over 3 Years
United Technologies Corp. late Thursday said it will implement a $1.5 billion restructuring plan over the next three years that will result in $900 million a year in run-rate savings. The aerospace company did not elaborate whether the restructuring will include layoffs. United Technologies projected 2016 adjusted earnings per share of $6.30 to $6.60 on sales of $56 billion to $58 billion. The company now expects restructuring charges of about $400 million in 2015, up from $300 million previously expected. It also raised the low end of its 2015 adjusted EPS by 5 cents to $6.20 to $6.30 versus $6.15 to $6.30 forecast by analysts in a FactSet survey. United shares gained 1.4% in after-hours trading.
Copyright © 2015 MarketWatch, Inc.