Summary
United Technologies Corporation (RTX) reported a 12.2% decrease in total revenues to $12.25 billion for the quarter ended March 31, 2009, compared to the same period in the prior year. This decline was driven by a 5% organic revenue contraction, a 6% adverse foreign currency translation impact, and a 1% impact from net divestitures. The company experienced a 25% drop in consolidated operating profit to $1.25 billion, largely due to lower revenues, increased restructuring charges, and foreign currency impacts. Despite the challenging global economic environment, Sikorsky reported a significant 30% revenue increase due to strong government military spending. However, other segments like Carrier and UTC Fire & Security saw substantial revenue declines. RTX incurred $163 million in restructuring charges during the quarter to mitigate volume declines and reduce costs, with full-year restructuring costs expected to reach approximately $750 million. The company maintained a strong liquidity position with $3.27 billion in cash and cash equivalents and access to credit facilities.
Financial Highlights
25 data points| Revenue | $12.20B |
| Cost of Revenue | $6.76B |
| Gross Profit | $3.09B |
| R&D Expenses | $409.00M |
| SG&A Expenses | $1.48B |
| Operating Income | $1.25B |
| Interest Expense | $175.00M |
| Net Income | $722.00M |
| EPS (Basic) | $0.79 |
| EPS (Diluted) | $0.78 |
| Shares Outstanding (Basic) | 918.00M |
| Shares Outstanding (Diluted) | 926.00M |
Key Highlights
- 1Total revenues decreased by 12.2% to $12.25 billion year-over-year, impacted by a challenging global economic environment.
- 2Operating profit decreased by 25% to $1.25 billion, reflecting lower sales volumes and increased restructuring costs.
- 3Sikorsky was a strong performer with a 30% revenue increase, driven by military demand, while Carrier and UTC Fire & Security experienced significant revenue declines.
- 4Restructuring charges of $163 million were incurred in Q1 2009, with full-year estimates now at $750 million to address cost reductions.
- 5Net income attributable to common shareholders declined to $722 million from $1 billion in the prior year.
- 6Diluted earnings per share decreased to $0.78 from $1.03 year-over-year.
- 7The company maintained a solid liquidity position with $3.27 billion in cash and cash equivalents and no borrowings under its committed credit agreements.