HARTFORD, Conn. - For 2014 United Technologies (UTC) reported sales of $65.1 billion, up four percent from sales of $62.6 billion in 2013. Net income for the years was $6.2 billion compared to $5.7 billion a year ago.
"UTC delivered double digit earnings growth in 2014 despite a slower than expected global economy," said Gregory Hayes, UTC President & Chief Executive Officer.
Otis new equipment orders in the quarter increased 12 percent over the prior year at constant currency. Equipment orders at UTC Climate, Controls & Security increased 11 percent. Commercial aftermarket sales were down 6 percent at Pratt & Whitney on a tough compare, and up 5 percent at UTC Aerospace Systems.
"We saw good organic growth throughout the year," added Hayes. "Based on solid backlog and continued orders strength, we see topline momentum as we enter 2015; our business fundamentals and operational expectations have not changed. However, with the continuing strengthening of the US dollar, as well as additional pension discount rate headwind, we now expect 2015 EPS of $6.85 to $7.05, on sales of $65 to $66 billion."
AEROSPACE INDUSTRY SEGMENTS
Pratt & Whitney reported 2014 sales of $14.5 billion, unchanged from a year ago. Operating profit for the quarter was $2.06 billion compared to $1.86 billion in 2013.
UTC Aerospace Systems 2014 sales were $14.2 billion, up 6 percent compared to $13.3 billion reported in 2013. Operating profit was $2.44 billion compared to $2.11 billion in 2013.
Sikorsky posted 2014 sales of $6.6 billion up 9 percent from $6.25 billion in 2013. Operating profit for the quarter was $86 million compared to $96 million in the year ago period.
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