-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HxAvhu02CVz0aJwxUY30A1O5LCOn3fUvb/zJZ/8O9y/zEgSBumSq1n22pNbbCMEy ROgP10Mu8XAL7tPD0jHeRQ== 0000101829-03-000308.txt : 20031016 0000101829-03-000308.hdr.sgml : 20031016 20031016081217 ACCESSION NUMBER: 0000101829-03-000308 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030930 ITEM INFORMATION: FILED AS OF DATE: 20031016 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED TECHNOLOGIES CORP /DE/ CENTRAL INDEX KEY: 0000101829 STANDARD INDUSTRIAL CLASSIFICATION: AIRCRAFT ENGINES & ENGINE PARTS [3724] IRS NUMBER: 060570975 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-00812 FILM NUMBER: 03942858 BUSINESS ADDRESS: STREET 1: UNITED TECHNOLOGIES BLDG STREET 2: ONE FINANCIAL PLZ CITY: HARTFORD STATE: CT ZIP: 06101 BUSINESS PHONE: 2037287000 FORMER COMPANY: FORMER CONFORMED NAME: UNITED TECHNOLOGIES MICROELECTRONICS CENTER DATE OF NAME CHANGE: 19850825 FORMER COMPANY: FORMER CONFORMED NAME: UNITED TECHNOLOGIES CORP DATE OF NAME CHANGE: 19841205 8-K 1 eightkdate101603.htm 8-K 10/16/03

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):    October 16, 2003

UNITED TECHNOLOGIES CORPORATION
(exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of
incorporation or organization)

1-812
(Commission File Number)

06-0570975
(I.R.S. Employer Identification No.)

One Financial Plaza
Hartford, Connecticut 06103
(Address of principal executive offices, including Zip Code)

Registrant's telephone number, including area code
(860) 728-7000

N/A
(Former name or former address, if changed since last report)

Item 12. Results of Operations and Financial Condition

    On October 16, 2003, United Technologies Corporation issued a press release announcing its third quarter 2003 results. The press release is attached hereto as Exhibit 99.1.

SIGNATURE

    Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. 

UNITED TECHNOLOGIES CORPORATION
(Registrant)
Date:  October 16, 2003 By: /s/ Gregory J. Hayes
     Gregory J. Hayes
     Vice President, Controller

INDEX TO EXHIBITS
Exhibit
Number		 Exhibit
Description		 Page
99.1 Press Release, dated October 16, 2003, issued by United Technologies Corporation  . . . . . . . . . . . . . .  1

EX-99 3 eightkex99101603.htm 8-K

Exhibit 99.1
Contact: Paul Jackson

FOR IMMEDIATE RELEASE
(860) 728-7912

 www.utc.com

 

UTC REPORTS 3RD QUARTER EARNINGS PER SHARE 5% HIGHER AND $1 BILLION IN CASH FLOW FROM OPERATIONS; CONFIRMS CONSENSUS ESTIMATE OF $4.65 FOR FULL YEAR EARNINGS PER SHARE

 

HARTFORD, Conn., October 16, 2003 - United Technologies Corp. (NYSE: UTX) today reported third quarter 2003 earnings per share increased to $1.27, up 6 cents or 5% from the same quarter last year. Net income rose 4 percent to $639 million. Consolidated revenues rose 9 percent to $8.0 billion, primarily due to the acquisition of Chubb plc during the quarter.

Third quarter cash flow from operations was $1.0 billion including a voluntary pension contribution of $125 million. Capital expenditures for the quarter were $126 million. Acquisition related spending was $2.1 billion, principally for Chubb. The debt to total capital ratio was 35 percent, 2 points below December 31, 2002.

"UTC's global business balance and productivity led performance have again overcome unfavorable market conditions in some sectors, notably commercial aviation," said Chairman and Chief Executive Officer George David. "We're confirming the consensus full year earnings estimate of $4.65," he said.

"In the quarter, Otis and Carrier reported double digit operating profit growth. Pratt & Whitney and Hamilton Sundstrand military revenues also increased double digits. Of particular note, we completed assembly of the first production configuration F135 engine for the Joint Strike Fighter ahead of schedule during the quarter. Foreign currency translation also boosted results in the quarter," David continued. "Although commercial aviation remains at the low end of the cycle, we did see some improvement in aftermarket volumes from the prior and first quarters."

"Cash flow was again exceptionally strong, exceeding net income even net of the $125 million pension plan contribution and capital expenditures. On the same basis, we now expect cash flow in the range of net income for the year. Exceptionally strong cash flow in part supported UTC's 30% dividend increase in the quarter."

For the first nine months of 2003, UTC reported EPS of $3.53, 5 percent above last year's $3.36. Net income increased to $1.77 billion from $1.70 billion. Cash flow from operations was $2.08 billion and after capital expenditures of $322 million, equaled net income. Revenues for the first three quarters were $22.4 billion, up 7 percent from the same period in 2002.

The accompanying tables include information integral to assessing the company's financial position, operating performance, and cash flow.

United Technologies Corp., based in Hartford, Connecticut, is a diversified company that provides a broad range of high technology products and support services to the building systems and aerospace industries.

This release includes "forward looking statements" that are subject to risks and uncertainties. For information identifying economic, political, climatic, currency, regulatory, technological, competitive and some other important factors that could cause actual results to differ materially from those anticipated in the forward looking statements, see UTC's SEC filings as updated from time to time, including, but not limited to, the discussion included in the Business section of UTC's Annual Report on Form 10-K under the headings "General", "Description of Business by Segment" and "Other Matters Relating to the Corporation's Business as a Whole" and the information included in UTC's 10-K and 10-Q reports under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations."

# # #

UNITED TECHNOLOGIES CORPORATION
 CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

 


(Millions, except per share amounts)

Quarter Ended
September 30,
 (Unaudited)

Nine Months Ended
September 30,
 (Unaudited)
   

2003

2002

2003

2002
     

  

                    
Revenues

$

 7,954    

$

 7,299    

$

 22,446   

$

20,997    
     

  

           
Cost and Expenses
Cost of goods and services sold 5,713     5,238     16,198    14,913    
Research and development 260     270     776    913    
Selling, general and administrative 933     789     2,554    2,341    
Interest 95     93     279    288    
      7,001        6,390        19,807       18,455    
                    
Income before income taxes and minority interests 953     909     2,639    2,542    
Income taxes (267)    (258)    (739)   (722)   
Minority interests (47)    (39)    (127)   (117)   
  Net Income

$

 639    

$

 612    

$

 1,773   

$

 1,703    
                    
Earnings Per Share of Common Stock
  Basic $ 1.34     $ 1.28     $ 3.73     $ 3.55    
  Diluted $ 1.27     $ 1.21     $ 3.53     $ 3.36    
                    
Average Shares (in millions)
  Basic 470     473     469     473    
  Diluted 504     505     502     506    

 See accompanying Note to Condensed Consolidated Financial Statements.

UNITED TECHNOLOGIES CORPORATION
SEGMENT REVENUES and OPERATING PROFIT

(Unaudited)
(Millions)		 Quarter Ended
September 30,		 Nine Months Ended
September 30,
2003 2002 2003 2002
Revenues
Otis $

1,941   

$

1,745   

$

5,717   

$

 4,961   
Carrier 2,453    2,340    7,050    6,777   
Pratt & Whitney 1,859    1,882    5,538    5,597   
Flight 1,424    1,500    4,133    4,088   
Segment Revenue 7,677    7,467    22,438    21,423   
Eliminations and other 277    (168)   8    (426)  
Consolidated Revenues $ 7,954    $ 7,299    $ 22,446    $ 20,997   
Operating Profit
Otis $

350   

$

285   

$

1,000   

$

 782   
Carrier 304    276    818    672   
Pratt & Whitney 281    333    826    986   
Flight 199    199    559    549   
Segment Operating Profit 1,134    1,093    3,203    2,989   
Eliminations and other (35)   (43)   (120)   -   
General corporate expenses (51)   (48)   (165)   (159)  
Consolidated Operating Profit $ 1,048    $ 1,002    $ 2,918    $ 2,830   

Quarter ended September 30:
During the third quarter of 2002, the Corporation recorded a curtailment gain in the segments associated with the modification of its post-retirement medical and life insurance benefits. The gain was more than offset by restructuring and related charges of $62 million recorded in the segments in the quarter. Restructuring and related charges for the third quarter ended 2003 were approximately $11 million.

Nine months ended September 30:
Segment operating profit for the nine months ended September 30, 2002 includes restructuring and related charges of approximately $195 million. The amounts recorded in the first quarter were as follows: Otis - $16 million, Carrier - $74 million, Pratt & Whitney - $9 million and Flight Systems - $5 million. Charges of $29 million and $62 million were recorded in both the commercial and aerospace businesses during the second and third quarters, respectively.

Operating profit for the nine months ended September 30, 2003 includes restructuring and related charges of approximately $44 million.

See accompanying Note to Condensed Consolidated Financial Statements.

UNITED TECHNOLOGIES CORPORATION
 CONDENSED CONSOLIDATED BALANCE SHEET



(Millions)

September 30,
2003
 (Unaudited)

December 31,
2002
(Audited)

Assets
             
Cash and cash equivalents

$

 1,421    

$

 2,080    
Accounts receivable, net 4,971     4,277    
Inventories and contracts in progress, net 3,963     3,803    
Other current assets 1,789            1,675    
Total Current Assets 12,144       11,835    
              
Fixed assets, net 4,899     4,587    
Goodwill, net 9,135     6,981    
Other assets 7,884           5,771    
      

  

      
Total Assets

$

 34,062    

$

 29,174    
  

Liabilities and Shareowners' Equity
             
Short-term debt

$

 806   

$

 241   
Accounts payable 2,695    2,095   
Accrued liabilities 6,458    5,651   
Total Current Liabilities     9,959       7,987    
  

  

         
Long-term debt 4,650    4,632   
Other liabilities 8,908    7,772   
             
ESOP Convertible Preferred Stock, net 426    428   
             
Shareowners' Equity:

Common Stock

 5,756    5,447   
Treasury Stock (5,241)   (4,951)  
Retained Earnings

12,137   

10,836   
Accumulated other non-shareowners' changes
    in equity
   (2,533)  
   (2,977)  
    10,119       8,355   
      

  

      
Total Liabilities and Shareowners' Equity

$

 34,062   

$

 29,174   
             
Debt Ratios (Net debt is total debt less cash):
Debt to total capitalization (debt plus equity) 35%    37%   
Net debt to total capitalization 29%    25%   

See accompanying Note to Condensed Consolidated Financial Statements.

UNITED TECHNOLOGIES CORPORATION
 CONDENSED CASH FLOWS FROM OPERATIONS

(Unaudited)

(Millions)		 Quarter Ended
September 30,		 Nine Months Ended
September 30,
2003 2002 2003 2002
Net Income $ 639     $ 612     $ 1,773     $ 1,703    
Adjustments to reconcile net income

   to net cash flows provided by operating activities                        
      Depreciation and amortization 203     173     570     537    
      Deferred income taxes and minority interest 152     113     404     315    
Changes in working capital 125     7     (84)    (120)   
Contribution to domestic pension plans (125)    -     (725)    -    
Other, net 28     (40)    139     (145)   
Net Cash Flows Provided by Operating Activities $ 1,022     $ 865     $ 2,077     $ 2,290    

See accompanying Note to Condensed Consolidated Financial Statements.

UNITED TECHNOLOGIES CORPORATION
Note to Condensed Consolidated Financial Statements

(1)   Certain reclassifications have been made to prior year amounts to conform to current year presentation.
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