United Technologies Corporation (UTC) – Company Overview
|Company||United Technologies Corporation (UTC)|
|Headquarters||10 Farm Springs Road, Farmington, Connecticut 06032, USA|
|CEO||Gregory J. Hayes|
|NYSE stock symbol||UTX|
|Net sales||$56,098 million USD (2015)|
|Operating profit||$7,291 million USD (2015)|
|Net income||$7,966 million USD (2015)|
|IR contact number||(860) 728-7000|
|IR email address||[email protected]|
United Technologies Corporation (UTC) is an American conglomerate with several different business areas, well known for its aerospace and defense operations.
According to UTC, the company provides a “broad range of high-technology products and services to the global aerospace and building systems industries.”
It is among the world’s leading military contractors. One of the most notable products that the company offers is the Sikorsky UH-60 Black Hawk utility helicopter, manufactured by Sikorsky Aircraft Corporation (a subsidiary of UTC).
UTC used to be known as the United Aircraft Corporation, an aircraft manufacturer created in 1934 following the break up of United Aircraft and Transport Corporation.
However, the company became involved in a number of different high tech fields beyond aerospace. As a result, in 1975, the then CEO of United Aircraft, Harry Gray, made a decision to change the name of the company to United Technologies Corporation – which better reflected the company’s broad range of operations.
A number of mergers and acquisitions occurred at the time of its inception, including the acquisition of Otis Elevator, Carrier Refrigeration, and Mostek.
The company now produces a range of products, including: helicopters, aircraft parts, elevators, escalators fire and security systems, fuel cells, and more.
United Technologies Corporation (UTC) – Business Segments
The company is comprised of the following business segments: Carrier, Clipper Windpower, UTC Aerospace Systems, Otis Elevator Company, Pratt & Whitney, Sikorsky Aircraft, UTC Fire and Security.
Carrier: production of air conditioning, ventilation, heating, and refrigeration systems.
Clipper Windpower: production of wind turbines.
UTC Aerospace Systems: production of aerospace systems for corporate, commercial, and military aircraft.
Otis Elevator Company: production of elevators, escalators, and walkways.
Pratt & Whitney: production of aircraft engines, rocket engines, and gas turbines.
Sikorsky Aircraft: production of helicopters for commercial, government, and military uses.
UTC Fire & Security: production of fire detection systems and security alarm systems.
United Technologies Corporation (UTC) – Financial Results
|Key figures (in millions of USD)||2015*||2014*|
|Costs and expenses||$48,596||$49,545|
|Income from continuing operations||$4,356||$6,468|
|Cash and cash equivalents, beginning of year||$5,235||$4,619|
|Cash and cash equivalents, end of year||$7,075||$5,235|
*Years ended December 31, 2015 and 2014
Source: “United Technologies – 2015 Form 10-K”