UNITED TECHNOLOGIES CORP. $83 (New York symbol UTX; Conservative Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 908.9 million; Market cap: $75.4 billion; Price-to-sales ratio: 1.3; Dividend yield: 2.3%; TSINetwork Rating: Above Average; www.utc.com) aims to complete its purchase of Goodrich Corp. (New York symbol GR) later this year. Goodrich makes a wide range of aircraft parts, including landing gear, wheels and brakes. It also maintains and repairs planes. United Technologies is paying a total of $18.4 billion, including $1.9 billion of Goodrich’s debt.
Goodrich looks like a good fit with United Technologies’ other aerospace operations: Pratt & Whitney aircraft engines; Hamilton Sundstrand aircraft controls; and Sikorsky helicopters. Goodrich will add $8 billion to United Technologies’ yearly revenue.
Meanwhile, the company earned $5.0 billion in 2011, up 13.9% from $4.4 billion in 2010. Earnings per share rose 15.8%, to $5.49 from $4.74, on fewer shares outstanding. If you exclude writedowns of investments and other unusual items, earnings per share would have risen 9.9%, to $5.53 from $5.03. Revenue rose 7.1%, to $58.2 billion from $54.3 billion.
The company held cash of $6.0 billion, or $6.57 a share, at the end of 2011 so it will likely borrow the rest of the money it needs to buy Goodrich; its long-term debt of $9.5 billion is a low 13% of its market cap. It also plans to raise $3 billion by selling some of its smaller business.
Including Goodrich, United Technologies will likely earn $5.40 a share in 2012. The stock trades at 15.4 times that estimate.
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