As its chief executive officer readies for retirement, United Technologies Corp. gave an uplifting outlook in part due to continued strength by its Sikorsky Aircraft Corp. division.
Sikorsky is based in Stratford and is the largest employer in Fairfield County. Parent UTC has its headquarters in Hartford and is Connecticut”™s largest employer.
Sikorsky had a $110 million operating profit in the fourth quarter on $1.3 billion in revenue, with sales up 18 percent from the fourth quarter of 2006, and down 2 percent from the third quarter of 2007.
The company delivered 46 aircraft during the quarter, its second highest total over two years behind the second quarter of 2007, when it churned out 49 in all.
For the year, Sikorsky delivered 174 aircraft, up from 110 in 2006.
Sikorsky had a $373 million operating profit in 2007 on sales of $4.8 billion. With a 48 percent rise in revenue from 2006, Sikorsky quadrupled the combined improvement posted by UTC”™s other five divisions: Carrier Corp., Hamilton Sundstrand, Otis Elevator Co., Pratt & Whitney, and UTC Fire & Security.
Sikorsky remains the least profitable UTC division as measured in absolute dollars, and the next-to-worst performing division (after UTC Fire and Security) as measured by operating profit as a percentage of revenue.
UTC expects growth in the “mid-teens” for Sikorsky this year, which would be the best of any UTC division, and operating profit growth of roughly 25 percent, which the company expects only UTC Fire and Security to match.
UTC”™s $1.1 billion profit in the fourth quarter was up 23 percent from a year ago, and its $14.7 billion in revenue was a 15 percent increase.
For 2007, UTC lifted sales 14 percent to $54.8 billion and profits 13 percent to $4.2 billion. The company expects $59 million in revenue this year.
UTC shares (NYSE: UTX) reached an all-time high of $80.84 on Oct. 5, and as of late December were still over $78. The issue has since lost $10 in value amid widespread losses in U.S. stocks.
The company spent $2 billion last year to buy back its stock.
