UNITED TECHNOLOGIES CORP. $95 (New York symbol UTX; Conservative Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 887.0 million; Market cap: $84.3 billion; Priceto- sales ratio: 1.3; Dividend yield: 2.7%; TSINetwork Rating: Above Average; www.utc.com) has announced a new restructuring plan that mainly involves closing high-cost plants in the U.S. and Europe and shifting their operations to other facilities.
The company expects these moves to cost $1.5 billion. However, they should cut $900 million from United Technologies’ annual expenses when they’re finished in 2018.
The savings will help the company offset weaker demand for its Otis elevators in China, as well as higher-than-expected expenses related to the development of a new jet engine at its Pratt & Whitney division.
Excluding restructuring costs and other unusual items, such as a $3.3-billion gain on the recent sale of its Sikorsky helicopter business, United Technologies expects its earnings to improve from $6.25 a share in 2015 to between $6.30 and $6.60 a share in 2016. The stock trades at a reasonable 14.7 times the midpoint of that range.
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