UTC Chairman & CEO Expects 2013 Earnings Per Share Of Approximately $6.15; Expects 2014 EPS Of $6.55 To $6.85 On Organic Sales Growth Of 3 To 4 Percent
United Technologies Corp. (NYSE: UTX) Chairman & Chief Executive Officer Louis Chenevert communicated the company's expectation for 2013 earnings per share of approximately $6.15, at the high end of the prior range of $6.10 to $6.15. The company continues to expect sales of approximately $63 billion. Chenevert also projected 2014 earnings per share of $6.55 to $6.85, up 7 to 11 percent. Sales for 2014 are expected to be approximately $64 billion, including 3 to 4 percent organic growth partially offset by 2 points of net divestitures. The company continues to target cash flow from operations less capital expenditures equal to net income attributable to common shareowners in both 2013 and 2014.
"2013 has been a strong year for United Technologies," Chenevert said. "Our focus on integration and execution will allow us to deliver earnings growth of 15 percent, even in the face of a challenging macroeconomic environment. With solid orders momentum exiting the year, we expect further acceleration in 2014 across the majority of our businesses.
"The UTC portfolio is well positioned in growth markets," Chenevert continued. "Our new UTC Building & Industrial Systems organization is