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The Canadian Press - ONLINE EDITION
United Technologies CEO sees federal budget cuts March 1 with impact on parts, repair business
HARTFORD, Conn. - The chief executive of United Technologies expects automatic federal budget cuts will take effect in eight days, cutting slightly into earnings of the aerospace giant.
CEO Louis Chenevert (shen-eh-VAIR) told investor analysts Thursday that the cuts, which are known in Washington as the "sequester," look more likely. He says earnings would be reduced by 10 cents per share in the "worst case."
United Technologies Corp. posted 2012 earnings from continuing operations of $5.35 per share. Subsidiaries of the Hartford, Conn., conglomerate include military contractors such as jet engine maker Pratt & Whitney and Sikorsky Aircraft.
Chenevert said the impact would be mostly on repair and maintenance of aerospace parts. He says the cuts would be "very manageable" and are accounted for in 2013 guidance of $5.85 to $6.15 per share.
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