UTC Reports First-Quarter 2002 Results

April 16, 2002 by Jeff Shepard

United Technologies Corp. (UTC, Hartford, CT) reported that first-quarter 2002 earnings per share were $0.92, as compared with $0.86 in the same period last year. Net income for the first quarter of 2002 was $467.0 million versus $440.0 million last year. Revenues were $6.4 billion, as compared with $6.7 billion last year. On a comparable basis, first-quarter 2001 earnings per share were $0.96 and net income was $492.0 million.

Available cash flow in the quarter was $358.0 million. Acquisition spending in the quarter was $138.0 million, and the company repurchased 1.4 million shares of stock for $100.0 million. The company's debt-to-capital ratio ended the quarter at 35 percent, two points lower than the ratio at the end of 2001.

Chairman and CEO George David stated, "We're pleased with results this quarter, especially given post-9/11 impacts in commercial aviation and the weakness of several of Carrier's markets. This is a time for operating focus and excellence and we feel we have this. We affirm our prior outlooks of $4.32 earnings per share for the full year and $2.0 billion of available cash flow."