United Technologies Corp. (NYSE:UTX) today reported second quarter
2012 results. All results in this release reflect continuing operations
unless otherwise noted.
Earnings per share of $1.62 and net income attributable to common
shareowners of $1.5 billion, were up 15 percent and 14 percent,
respectively, over the year ago quarter. Results for the current quarter
include $0.10 per share of net favorable one-time items, partially
offset by $0.06 of restructuring costs. Earnings per share in the year
ago quarter included $0.05 per share of net favorable one-time items,
partially offset by $0.04 of restructuring costs. Before these items,
earnings per share increased 13 percent year over year. The effective
tax rate for the quarter was 22.5 percent. Foreign currency translation,
and hedges at Pratt & Whitney Canada, had an adverse impact of
$0.05.
Click here to read the UTC press release.
Thursday, July 26, 2012
Tuesday, July 24, 2012
United Technologies to Sell Rocketdyne Unit to GenCorp Inc.
United Technologies Corp. (NYSE: UTX) announced it has reached agreement to sell its Rocketdyne unit, currently part of Pratt & Whitney, to GenCorp Inc. for $550 million. The transaction is expected to close in the first half of 2013.
As previously announced, proceeds from the sale will be used to repay a portion of the short-term debt incurred to finance the proposed acquisition of Goodrich Corporation. The transaction is subject to customary closing conditions, including regulatory approvals.
Click here to read the UTC press release.
Coverage:
As previously announced, proceeds from the sale will be used to repay a portion of the short-term debt incurred to finance the proposed acquisition of Goodrich Corporation. The transaction is subject to customary closing conditions, including regulatory approvals.
Click here to read the UTC press release.
Coverage:
- GenCorp To Pay $550M For UTC's Rocketdyne (Hartford Courant)
- GenCorp To Pay $550M For UTC's Rocketdyne (Reuters, via Aviation Week)
- United Tech. sells Rocketdyne unit for $550 mln (MarketWatch)
- Rocketdyne sold to GenCorp for $550 million (Los Angeles Times)
- GenCorp buying P&W Rocketdyne (United Press International)
- GenCorp to buy rocket manufacturer Rocketdyne (Flight International)
- Aerojet's Parent Company Bids $550 Million for Rival Rocketdyne (SpaceNews)
Thursday, July 19, 2012
Pratt & Whitney President Testifies Before House Armed Services Committee
Pratt & Whitney President and Aerospace Industries Association Chairman Dave Hess testified before the House Armed Services Committee Wednesday on the uncertainty around the topic of sequestration and the possible effects on national defense.
Broadly, sequestration involves spending cuts mandated by the Budget Control Act of 2011, which take effect on Jan. 2, 2013, unless Congress and the administration agree on a solution. There is significant uncertainty over how sequestration would work, and many groups, including AIA, are seeking clarification from Washington.
Hess shared his perspective on the detrimental consequences that sequestration could cause on the defense industry and urged the White House for more clarity.
"As an industry, we are already seeing the impacts of potential sequestration budget cuts today," Hess said. "Companies are limiting hiring and halting investments - largely due to the uncertainty about how sequestration cuts would be applied."
Click here to read the full text of the testimony.
Coverage:
Broadly, sequestration involves spending cuts mandated by the Budget Control Act of 2011, which take effect on Jan. 2, 2013, unless Congress and the administration agree on a solution. There is significant uncertainty over how sequestration would work, and many groups, including AIA, are seeking clarification from Washington.
Hess shared his perspective on the detrimental consequences that sequestration could cause on the defense industry and urged the White House for more clarity.
"As an industry, we are already seeing the impacts of potential sequestration budget cuts today," Hess said. "Companies are limiting hiring and halting investments - largely due to the uncertainty about how sequestration cuts would be applied."
Click here to read the full text of the testimony.
Coverage:
- Defense company execs warn of layoffs if cuts go through (Federal News Radio)
- Defense executives plead for Congress to avoid budget cuts (Reuters)
- Defense Contractors Say Hiring Slows Before Budget Cuts (Bloomberg)
- Defense contractors speak out against budget cuts (Washington Post)
- Aerospace execs tell Congress that 'sequestration' will cost jobs (Los Angeles Times)
- Aerospace industry fears looming defense cut, lack of R&D (Seattle Times)
- CEOs in Crossfire At Sequestration Hearing (AOL Defense)
- Defense executives warn of dire cuts (Politico)
- Defense firm chief says tax hikes should be on sequester table (The Hill)
- As Defense Cuts Loom, Weapons Makers Say Tax Hikes Should Be On The Table (Huffington Post)
- Industry Execs: Don't Rule Out Tax Hikes to Avoid Defense Cuts (U.S. News)
Thursday, July 12, 2012
Pratt & Whitney to Provide PurePower® PW1200G Engines on SkyWest, Inc. Order for 100 Mitsubishi Regional Jets
Pratt & Whitney will provide exclusive power for 100 Mitsubishi Regional Jet (MRJ) aircraft for an order announced today by Mitsubishi Aircraft Corporation and SkyWest, Inc. The agreement represents 200 PurePower PW1200G engines with deliveries scheduled to begin in 2017.
Each Mitsubishi Regional Jet is powered by two PurePower PW1200G engines. To date, Pratt & Whitney has announced orders for more than 2,800 PurePower engines, including options. The PurePower family of engines uses an advanced gear system allowing the engine’s fan to operate at a different speed than the low-pressure compressor and turbine. The combination of the gear system and an all-new advanced core deliver the improvements in fuel efficiency, environmental emissions and noise.
Click here to read the Pratt & Whitney press release.
Air Astana Selects Pratt & Whitney PW4000-94” Engines in Deal Valued at $90 Million
Air Astana has selected Pratt & Whitney’s PW4000-94” engine for its
order of three firm and one option Boeing 767-300 ER aircraft. The
contract is valued at approximately $90 million. Delivery of the engines
will start in 2013.
Air Astana, the flag carrier of Kazakhstan and best airline in Central Asia, was incorporated in 2001 and is based in Almaty, Kazakhstan. The airline’s fleet of 26 aircraft offers service to around 50 domestic and international locations. Air Astana is IOSA registered and has four Skytrax stars.
Click here to read the Pratt & Whitney press release.
Air Astana, the flag carrier of Kazakhstan and best airline in Central Asia, was incorporated in 2001 and is based in Almaty, Kazakhstan. The airline’s fleet of 26 aircraft offers service to around 50 domestic and international locations. Air Astana is IOSA registered and has four Skytrax stars.
Click here to read the Pratt & Whitney press release.
Wednesday, July 11, 2012
Pratt & Whitney: Power People Depend On
This video was produced for use on the Pratt & Whitney exhibit at the Farnborough Air show.
Pratt & Whitney and JetBlue Airways Finalize Agreement for PurePower® PW1100G-JM Engines for Airbus A320neo Family Aircraft
FARNBOROUGH AIR SHOW – Pratt & Whitney and JetBlue Airways signed a definitive agreement for PurePower PW1100G-JM engines
to power its order of 40 firm A320neo family aircraft finalizing the
MOU announced in late 2011. The agreement includes 86 PurePower engines
with a long-term PureSolutionSM maintenance service agreement.
Deliveries are scheduled to start in 2018.
The PurePower engine uses an advanced gear system allowing the engine’s fan to operate at a different speed than the low-pressure compressor and turbine. The combination of the gear system and an all-new advanced core delivers double-digit improvements in fuel efficiency and environmental emissions as well as a 50 percent reduction in noise.
Click here to read the Pratt & Whitney press release.
Visit www.purepowerengines.com for more information about the PurePower engine.
The PurePower engine uses an advanced gear system allowing the engine’s fan to operate at a different speed than the low-pressure compressor and turbine. The combination of the gear system and an all-new advanced core delivers double-digit improvements in fuel efficiency and environmental emissions as well as a 50 percent reduction in noise.
Click here to read the Pratt & Whitney press release.
Visit www.purepowerengines.com for more information about the PurePower engine.
Pratt & Whitney Signs Memorandum of Understanding for Exclusive Maintenance Services Agreement with Alba Star Airlines
FARNBOROUGH AIRSHOW - Pratt & Whitney has signed a memorandum of
understanding for an exclusive maintenance services agreement with Alba
Star Airlines to provide engine overhaul services on the airline's fleet
of CFM56-3 engines.
According to the memorandum of understanding, under the exclusive five-year agreement, Pratt & Whitney Global Service Partners will provide engine overhaul services for up to five Alba Star Airlines' CFM56-3 engines, with additional coverage for unplanned repairs, which will help the airline reduce engine overhaul costs and turnaround time thanks to the Pratt & Whitney Global Service Partners network's extensive capabilities and customer-tailored solutions. Alba Star Airlines expects to provide its first engine for overhaul to Pratt & Whitney Global Service Partners' Turkish Engine Center beginning in November 2012.
Click here to read the Pratt & Whitney press release.
According to the memorandum of understanding, under the exclusive five-year agreement, Pratt & Whitney Global Service Partners will provide engine overhaul services for up to five Alba Star Airlines' CFM56-3 engines, with additional coverage for unplanned repairs, which will help the airline reduce engine overhaul costs and turnaround time thanks to the Pratt & Whitney Global Service Partners network's extensive capabilities and customer-tailored solutions. Alba Star Airlines expects to provide its first engine for overhaul to Pratt & Whitney Global Service Partners' Turkish Engine Center beginning in November 2012.
Click here to read the Pratt & Whitney press release.
Engine Alliance Announces GP7200 Engine Enhancements and Marks One Million Flight Hours
FARNBOROUGH AIRSHOW - Today the Engine Alliance announced a series of performance and
durability enhancements to the GP7200 engine applicable to new engine
deliveries that will begin to enter service later this year.
The refinements, to be released into production over the next 18 months, incorporate upgrades to engine clearances and sealing, introduce an improved turbine blade and offer a modest incremental weight reduction. These performance enhancements are in addition to the recently announced demonstrated improvement in GP7200 fuel consumption published in Airbus’ A380 performance handbook – the third positive adjustment since December 2007 – and to a series of weight reductions that put the engine well below production requirements.
Click here to read the Engine Alliance press release.
Visit www.enginealliance.com for more information about the GP7200 engine.
The refinements, to be released into production over the next 18 months, incorporate upgrades to engine clearances and sealing, introduce an improved turbine blade and offer a modest incremental weight reduction. These performance enhancements are in addition to the recently announced demonstrated improvement in GP7200 fuel consumption published in Airbus’ A380 performance handbook – the third positive adjustment since December 2007 – and to a series of weight reductions that put the engine well below production requirements.
Click here to read the Engine Alliance press release.
Visit www.enginealliance.com for more information about the GP7200 engine.
Tuesday, July 10, 2012
Pratt & Whitney Offers Service-Proven PW4170 Advantage70™ Engine for Airbus 240 Tonne A330 Aircraft
FARNBOROUGH AIR SHOW – Pratt & Whitney will offer
its PW4170 Advantage70™ engine, the most reliable and fuel efficient
engine available for the A330 aircraft, for the new Airbus 240 tonne
A330 aircraft.
With nearly 14 million hours in service, the PW4000-100" engine is the most reliable engine available on the A330 with the lowest delay and cancellation rate of any engine on the A330.
Click here to read the Pratt & Whitney press release.
With nearly 14 million hours in service, the PW4000-100" engine is the most reliable engine available on the A330 with the lowest delay and cancellation rate of any engine on the A330.
Click here to read the Pratt & Whitney press release.
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