United Technologies Corp. reported a drop in revenues across all four of its businesses but a significant jump in net income for the fourth quarter and 2015.
The Farmington-based conglomerate’s 2015 annual net income was $7.6 billion compared to $6.2 in 2014. Fourth quarter net income was $3.3 billion versus $1.5 billion in 2014.
The full year 2015 adjusted earnings per share of $6.3 decreased 2 percent year over year, with foreign currency headwinds having an unfavorable impact of 19 cents, or 3 percent. The company said in its earnings statement that earnings per share would have increased otherwise. The fourth quarter adjusted earnings per share of $1.53 was down 8 percent from $1.65 in 2014.
UTC’s sales fell 4.5 percent to $14.3 billion.
President and CEO Gregory Hayes said in a statement UTC took “decisive actions” to streamline its business with the $9 billion sale of Sikorsky to Lockheed Martin and by returning over $12 billion to shareholders. The company is targeting $22 billion of total shareholder returns through share repurchases and dividends from 2015 through 2017. Hayes added that UTC’s organizational structure was streamlined and a $1.5 billion restructuring plan was put in place.
