chairman & ceo, united technologies corporation
United Tech hints at more share repurchases in '06
United Technologies Corp. will likely maintain or exceed a share repurchase target of $1.2 billion in 2006, the company's chief executive suggested on Tuesday.
The industrial and aerospace conglomerate said last week that it plans to spend about $385 million to buy back its own shares in the fourth quarter, bringing its full-year total to nearly $1.2 billion.
United Technologies Chairman and CEO George David expanded on the fourth-quarter share-repurchase forecast announced by Jim Geisler, the company's chief financial officer, during a conference call last Tuesday with analysts.
"I don't know what he said about 2006, but I could speculate that we don't like numbers to go down," said David, speaking to reporters after a speech at The Boston College Chief Executives' Club.
The company, based in Hartford, Connecticut, repurchased nearly $1 billion worth of share in 2004.
United Technologies, whose diverse products range from Pratt & Whitney jet engines to Otis elevators, reported an 18 percent increase in third-quarter profit and lifted its full-year outlook.
The company's aerospace businesses continue to benefit from a rebound in commercial flight that is driving "aftermarket" demand for spare parts and services, while the population surge in cities across Asia is expected to drive demand for United Technologies' building-infrastructure products.
Article by Reuters
Wednesday, October 26, 2005