United Technologies Corporation (UTC) – Company Information

United Technologies Corporation (UTC) – Company Overview

United Technologies logo
Company United Technologies Corporation (UTC)
Headquarters 10 Farm Springs Road, Farmington, Connecticut 06032, USA
CEO Gregory J. Hayes
CFO Akhil Johri
Industry Conglomerate
Type Public
Founder Frederick Rentschler
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)
Employees 197,200 (2015)
Website http://www.utc.com
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*
Net sales $56,098 $57,900
Costs and expenses $48,596 $49,545
Operating profit $7,291 $9,593
Income from continuing operations $4,356 $6,468
Net income $7,966 $6,623
Total assets $87,484 $91,206
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”

United Technologies Corporation (UTC) – Live Stock Market Data