UTC Reports Second Quarter EPS Growth From Continuing Operations of 15 Percent; Expects 2012 EPS of $5.25 to $5.35 on Sales of $58 Billion to $59 Billion and Increases Restructuring

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. 

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:

• 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)

UTC Celebrates $1 Billion Investment in Employee Scholar Program

United Technologies believes strongly in the value of lifelong learning. That’s why the Employee Scholar Program was established in 1996 – to support employees in reaching their career and educational goals. A workforce that embraces lifelong learning is best prepared to compete in the fast-changing global marketplace.

A highly educated, innovative workforce is absolutely critical to UTC's success. To make it happen, UTC has invested more than $1 billion over the past 15 years, paying up front all costs of tuition, fees and books – and that goes for employees pursuing a college degree in any field of their choosing.

Employees in more than 50 countries around the world have seized the opportunity, earning more than 32,500 degrees through the program. Today there are more than 10,000 UTC employees around the world enrolled.

Coverage:

• UTC Marks $1 Billion Employee Education Milestone (Hartford Courant)
• Give UTC Credit For Employee Education (Editorial - Hartford Courant)
  
• United Technologies celebrates higher ed program (Boston Globe, via AP)
• Gov. Malloy Makes A Stop In Simsbury (Simsbury Patch)
• Malloy tells Obama about job creation in state (The Day)
  

United Technologies Corp. Chairman and CEO Louis Chênevert Named Person of the Year by Aviation Week

From an Aviation Week press release:

Aviation Week has selected Louis R. Chênevert, chairman and CEO of United Technologies Corp. (UTC), parent company to aerospace giants Pratt & Whitney, Sikorsky and Hamilton Sundstrand, as its 2011 Person of the Year. With a series of bold — and surprising — deals, Chênevert ensured Pratt & Whitney's resurgence, while reinvigorating UTC as a force to be reckoned with in the aerospace and defense (A&D) industries. Complete coverage of the Person of the Year is included in a cover story in this week's Aviation Week & Space Technology.

"The sum of Louis Chênevert's achievements will reverberate for many years to come," said Anthony L. Velocci, Jr., editorial director of Aviation Week and editor-in-chief of Aviation Week & Space Technology. "He is the person who had the most impact on the industry in 2011."

Click here to read the full press release. Click here to read the Aviation Week cover story.

Coverage:

• UTC's Chênevert Named "Person Of The Year" By Aviation Week (Hartford Courant)
• Louis R. Chênevert named Person of the Year by Aviation Week (Montreal Gazette)