NEW YORK, Dec. 13, 2012 /PRNewswire/ -- In a meeting with investors and analysts today, United Technologies Corp. (NYSE: UTX) Chairman & Chief Executive Officer Louis Chenevert narrowed the company's expectation for 2012 earnings per share to approximately $5.32, from $5.25 to $5.35. The company continues to expect sales of approximately $58 billion. Chenevert also projected 2013 earnings per share of $5.85 to $6.15, up 10 to 16 percent. 2013 sales are expected to be $64 billion to $65 billion, up 10 to 12 percent, including 3 to 5 percent organic growth. The company continues to anticipate cash flow from operations less capital expenditures will exceed net income attributable to common shareowners in 2012 and anticipates it will be equal to or in excess of net income attributable to common shareowners in 2013.
"2012 has been a transformational year for United Technologies," Chenevert said. "We leveraged our organizational structure to optimize our global scale, completed the acquisition of Goodrich and acquired control of the International Aero Engines joint venture, and reshaped our portfolio to focus on our core markets of aerospace and building systems.
"In 2013, UTC's reshaped portfolio will be well positioned for accelerated top line growth," Chenevert continued. "We anticipate organic sales growth at each of our five businesses, even with continued softness in Europe and a decline in U.S. defense spending. We expect sales growth, our relentless focus on cost reduction and productivity, and the incremental benefits from our portfolio transformation to drive 10 to 16 percent earnings per share growth in 2013, despite significant pension headwinds.
"With the portfolio transformation substantially complete, our team is focused on integration and execution," Chenevert added. "This focus will allow us to deliver consistent earnings growth and strong cash flow well into the future."
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