Boston, MA 06/19/2014 (wallstreetpr) – High technology products and services provider to aerospace industries, United Technologies Corporation (NYSE:UTX) has reaffirmed its earnings forecast for the current year 2014. The company’s subsidiary Sikorsky also signed an amended agreement with Canadian Government for patrol helicopters.
Reaffirms Outlook
United Technologies disclosed that it continued to see earnings between $6.65 and $6.85 a share for the current year 2014. The company expects its subsidiary, Sikorsky, to record a charge of $440 million during the second quarter to reflect the cumulative impact of the progress towards modified program. It also expects one-time gain in the current year that will offset the charges fully.
Twenty-two analysts, on average, predict the company to deliver earnings of $6.85 a share for the year 2014. Interestingly, during the last four quarters, United Technologies Corporation (NYSE:UTX)’s earnings had topped the Street estimations consistently.
Signs Contract
Sikorsky Aircraft, a subsidiary of United Technologies, has signed a revamped contract with Canadian Government enabling the company to supply 28 maritime patrol helicopters. Sikorsky will record $850 million sales during the current year.
The amended contract of $4.61 billion or C$5 billion would enable Canada to start retiring its existing Sea King fleet of helicopters in 2015. The latest contract will bring CH148 Cyclone helicopter and will accelerate the efforts to commence the helicopters.
Sikorsky president Mick Maurer said that the current amended deal clears any doubt on the delivery of the most advanced maritime helicopters to the Canadian Air Force, though there were some delays in executing the program since they had to work out on some issues.
Another Subsidiary
United Technologies’ another subsidiary, Carrier also disclosed the commencement of installation of heating, ventilating, and air-conditioning system for the specially designed Sistine Chapel to address the challenges in protecting the masterpieces of Michelangelo against deterioration. United Technologies Corporation (NYSE:UTX) indicated that the groundbreaking system, which was developed by its team of engineers, is predicted to be installed and commissioned before the third quarter of the current year.
