United Technologies Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Earnings Guidance for the Year 2018
January 24, 2018 at 06:00 am
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United Technologies Corporation reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported net sales of $15,680 million against $14,659 million a year ago. Operating profit was $1,952 million against $1,639 million a year ago. Income from continuing operations before income taxes was $1,705 million against $1,273 million a year ago. Income from continuing operations was $486 million against $1,124 million a year ago. Income from continuing operations attributable to common shareowners was $397 million or $0.50 per diluted share against $1,024 million or $1.26 per diluted share a year ago. Net income attributable to common shareowners was $397 million or $0.50 per diluted share against $1,013 million or $1.25 per diluted share a year ago. Adjusted net sales were $15,680 million against $14,659 million a year ago. Adjusted income from continuing operations attributable to common shareowners was $1,274 million against $1,270 million a year ago. Adjusted diluted earnings per share from continuing operations were $1.60 against $1.56 per share a year ago. Adjusted consolidated operating profit was $2,162 million against $2,160 million a year ago. Net cash flows provided by operating activities of continuing operations were $2,521 million against $1,845 million a year ago. Capital expenditures were $800 million against $656 million a year ago. Free cash flow from continuing operations was $1,721 million against $1,189 million a year ago.
For the year, the company reported net sales of $59,837 million against $57,244 million a year ago. Operating profit was $8,672 million against $8,172 million a year ago. Income from continuing operations before income taxes was $7,763 million against $7,133 million a year ago. Income from continuing operations was $4,920 million against $5,436 million a year ago. Income from continuing operations attributable to common shareowners was $4,552 million or $5.70 per diluted share against $5,065 million or $6.13 per diluted share a year ago. Net income attributable to common shareowners was $4,552 million or $5.70 per diluted share against $5,055 million or $6.12 per diluted share a year ago. Adjusted net sales were $60,222 million against $57,428 million a year ago. Adjusted income from continuing operations attributable to common shareowners was $5,315 million against $5,460 million a year ago. Adjusted diluted earnings per share from continuing operations were $6.65 against $6.61 per share a year ago. Adjusted consolidated operating profit was $8,782 million against $9,012 million a year ago. Net cash flows provided by operating activities of continuing operations were $5,631 million against $6,412 million a year ago. Capital expenditures were $2,014 million against $1,699 million a year ago. Free cash flow from continuing operations was $3,617 million against $4,713 million a year ago.
For the year 2018, the company expects adjusted EPS in range of $6.85 to $7.10 and total sales in range of $62.5 billion to $64 billion, including organic sales growth of 4% to 6%. The company expects free cash flow in the range of $4.5 billion to $5.0 billion. The company expects low to mid-single-digit sales growth in 2018.
RTX Corporation (formerly Raytheon Technologies Corporation) is among the world's leading aeronautics and defense groups. Net sales (including intragroup) break down by sector of activity as follows:
- aerial navigation systems (29.3%; Collins Aerospace): manufacturing of electrical, electronical and mechanical systems for aircrafts (compressors, airplane control, etc.), civil and military helicopters, etc.;
- aeronautics (29.2%; Pratt & Whitney): design and manufacturing of civil and military aircraft engines, gas turbines, rocket engines and propulsion systems;
- missile systems, and integrated air and anti-missile defense systems (21.1%; Raytheon Missiles & Defense): design and manufacturing of weapons systems, missiles, munitions, projectiles, radars systems, control and monitoring equipment, communication, information, detection and imaging systems, etc. ;
- aerospace systems (20.4%; Raytheon Intelligence & Space): production of radars, airborne sensors, tactical airborne communications systems, software-defined radio solutions, advanced tactical networking systems, cryptographic systems, real-time sensor networking systems, etc.
Net sales break down by source of revenue between sales of products (76.7%) and services (24.3%).
Net sales are distributed geographically as follows: the United States (86.3%), Europe (5.8%), Asia/Pacific (2.7%), North Africa and Middle East (0.2%) and other (5%).
United Technologies Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Earnings Guidance for the Year 2018