The chief financial officer of United Technologies Corp. in Hartford backed the industrial conglomerate’s 2009 earnings guidance and reiterated that profit will resume next year.
CFO Greg Hayes, speaking to investor analysts at a conference Wednesday, said the company expects to earn $4 per share to $4.20 per share on revenue of about $53 billion.
Analysts surveyed by Thomson Reuters expect the parent company of jet engine manufacturer Pratt & Whitney, Otis elevator, Sikorsky Aircraft and other businesses to earn $4.08 per share this year on revenue of $52.5 billion.
“We’re confident we’re going to resume earnings growth in 2010,” Hayes said.
UTC expects 40 cents per share in restructuring costs this year, and Hayes said he expects an additional 10 cents to 20 cents per share of restructuring charges in 2010.
He said other problems have emerged in addition to the downturn in the airline industry and residential and commercial construction that have pressed Carrier’s heating, ventilating and air conditioning business.
Carrier’s refrigerated transportation container business has plunged 80 percent, from 100,000 units in 2008 to 20,000 this year due to falling orders by the weak shipping industry, he said.
“Orders there have been horrendous, I guess would be the best way to look at it,” he said.
He said there is “not much good news either” in the airline industry.
Commercial airline passenger miles are down and United Technologies does not expect its business jet market to improve this year or in 2010, Hayes said.
