United Technologies to Sign Fuel Cell Deal

December 02, 2001 by Jeff Shepard

United Technologies Corp. (Miami, FL) will sign a fuel cell deal with a major US automaker in January, according to United Technologies' President Karl Krapek, who declined to identify the automaker, but said fuel cells that would ease US dependence on gasoline were a major bright spot for United Technologies. "We would be the supplier for a major auto company," Krapek stated.

Krapek also said that United Technologies should meet the consensus earnings forecast of $3.81 a share for the full year 2001. The 2001 earnings would include restructuring charges. The company, which has had a long string of double-digit share profit increases, earned $3.55 in 2000, but has been hurt this year by the downturn in the US airline business caused by the September 11, 2001, attacks on the US.