United Hikes on Results
United Technologies Corp. (NYSE: UTX) reported fourth-quarter and full-year 2019 results and announced its 2020 outlook for Pratt & Whitney and Collins Aerospace Systems.
The company, based out of Farmington, Conn., reported sales of $19.6 billion, up 8% versus prior year, including 1% organic growth. GAAP EPS were $1.32, up 59% from the prior year. Adjusted EPS were $1.94, down 1% versus prior year.
Net income in the quarter was $1.1 billion, up 67% versus the prior year and included $540 million of net nonrecurring charges.
Sales proved to be $77.0 billion, up 16% versus prior year including 5% organic growth. GAAP EPS were$6.41, down 1% versus prior year. Adjusted EPS were $8.26, up 9% versus prior year.
Net income for the year was $5.5 billion, up 5% versus the prior year. Cash flow from operations was $8.9 billion and capital expenditures were $2.3 billion, resulting in free cash flow of $6.6 billion, including approximately $400 million of one-time portfolio separation cash costs.
CEO Gregory Hayes commented, "United Technologies delivered record sales, adjusted earnings per share and free cash flow in 2019 on continued aerospace strength and a return to profit growth at Otis.
"Organic sales grew 5% and adjusted earnings and free cash flow exceeded the high end of the ranges we expected. In a year of unprecedented change, our 2019 financial performance is a testament to our focus on our customers and the hard work and dedication of the 240,000 employees across UTC."
Shares in UTX gathered $1.46, or nearly 1%, to $152.49