NEW YORK (Reuters) – General Electric Co gave a 2015 profit forecast range on Tuesday that barely included Wall Street’s target as the U.S. conglomerate braced for a “sluggish” oil and gas sector due to plunging crude prices.
GE said it expects earnings from its aviation, power & water and other industrial units to rise at least 10 percent next year as it focuses on increasing its profit share from these businesses to 75 percent by 2016 from 55 percent in 2013. The switch is aimed at reducing GE’s exposure to its finance business.
NEW YORK (Reuters) – General Electric Co said it expects profit from its industrial units to rise by at least 10 percent in 2015, helped by its power and water, aviation and energy management businesses.
The company is reducing its exposure to its finance business, including through its split-off of Synchrony Financial. Earlier this year, it struck a $16.9 billion deal to buy the power business of France’s Alstom SA.
Dec 15 (Reuters) – Diversified U.S. manufacturer Honeywell
International Inc said on Monday it expected an overall
benefit from the decline in oil prices even as it gave a 2015
sales forecast that slightly trailed Wall Street’s target.
Low oil prices have pressured shares of some industrial
manufacturers that supply to customers in the energy sector, and
have weighed on Honeywell’s PMT segment that sells various
NEW YORK (Reuters) – The chief executive officer of United Technologies Corp (UTX.N: Quote, Profile, Research, Stock Buzz) said on Thursday the company would not offer an engine for widebody planes anytime soon because of the difficult financial case for it.
United Tech’s Pratt & Whitney unit is offering its new geared turbofan engine for smaller commercial airplanes, such as Airbus’ (AIR.PA: Quote, Profile, Research, Stock Buzz) popular A320neo narrowbody jet, and some industry watchers have wondered if Pratt would seek to scale it up for larger planes.
By Lewis Krauskopf and Rohit T. K.
(Reuters) – United Technologies Corp’s (UTX.N: Quote, Profile, Research, Stock Buzz) new chief executive on Thursday forecast 2015 profit below Wall Street’s target as profit falls at its Pratt & Whitney jet engine business, and said there were “no sacred cows” with the conglomerate’s businesses.
In his debut as CEO after six years as the U.S. conglomerate’s finance chief, Greg Hayes said the company would look at the company’s portfolio in a “disciplined” way, following speculation on Wall Street that he might be open to shaking up the company’s structure.
By Lewis Krauskopf and Rohit T. K.
(Reuters) – United Technologies Corp (UTX.N: Quote, Profile, Research, Stock Buzz) forecast profit and revenue for 2015 to be below market estimates, as it expects profit to fall at its Pratt & Whitney military and commercial original equipment business.
Shares of the company, known for Otis elevators, fell 3 percent in extended trading on Thursday.
(Reuters) – The change atop United Technologies Corp (UTX.N: Quote, Profile, Research, Stock Buzz) has set off speculation the U.S. conglomerate may eventually shake up its diverse industrial businesses, including possibly divesting its Sikorsky helicopter unit.
Shares of United Technologies have climbed 4 percent since the company announced on Nov. 24 that Chief Financial Officer Greg Hayes replaced Louis Chenevert, who retired as chief executive officer, effective immediately.
NEW YORK (Reuters) – U.S. construction of institutional buildings such as schools and government facilities is picking up after years of sluggishness, the chief executive of manufacturer Johnson Controls Inc (JCI.N: Quote, Profile, Research, Stock Buzz) said on Tuesday.
As a large maker of climate control systems, Johnson Controls is one of a swath of industrial manufacturers that depend on non-residential construction for demand for their products.
(Reuters) – United Technologies Corp’s appointment of Chief Financial Officer Gregory Hayes as chief executive is providing investors some comfort as they try to understand the abrupt departure of previous leader Louis Chenevert.
United Technologies shares fell 1.4 percent on Monday after the company announced that Chenevert had stepped down as CEO and chairman effective immediately. The maker of jet engines, elevators and climate control systems gave no public indication of the transition ahead of time, catching Wall Street off guard.
(Reuters) – United Technologies Corp (UTX.N: Quote, Profile, Research, Stock Buzz) Chief Executive Officer Louis Chenevert has retired immediately and is being replaced by the company’s finance chief, the diversified U.S. manufacturer said on Monday, an abrupt change that caught Wall Street off guard.
The maker of Otis elevators, Pratt & Whitney jet engines and Sikorsky helicopters said in a press release that Chenevert, 57, informed the United Tech board of his retirement.