NEW YORK, Dec 24 (Reuters) – oAs falling oil prices have
ripped through energy stocks this year, five U.S. corporate
spin-offs in the sector have not escaped the share price carnage
and face a tougher road to recovery than more-established
Shares of three of the newly independent companies have
tumbled more than 60 percent each since separating this summer:
Paragon Offshore Plc, Noble Corp’s spin-off of
drilling assets; Civeo Corp, which provides oilfield
“man camps” and split from Oil States International ; and
Seventy Seven Energy, an oilfield services firm that had
been part of Chesapeake Energy.
Dec 19 (Reuters) – Pratt & Whitney said on Friday its engine
for Airbus’ A320neo family of narrowbody airplanes has
won certification from the Federal Aviation Administration.
The certification marks a key milestone for the engine and
the A320neo, which is scheduled to enter into service in the
2015 fourth quarter. Pratt’s engine powered the A320neo when it
took its maiden test flight in September. Pratt is a unit of
United Technologies Corp.
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.