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United Tech sees $1b or more in share buybacks
Thursday - 3/14/2013, 3:45pm EDT
HARTFORD, Conn. (AP) - The chief financial officer of United Technologies Corp. says the aerospace giant expects to spend at least $1 billion buying back shares this year.
CFO Greg Hayes told analysts Thursday that the Hartford, Conn., conglomerate has a strong cash position.
United Technologies had $4.82 billion in cash on the balance sheet at the end of 2012, and Hayes said that will soar to $12 billion with free cash flow and money from divestitures.
He said the company spent $350 million for buybacks in the first quarter and will likely spend the same in the second quarter.
The $18.4 billion purchase of aerospace parts maker Goodrich Corp. last year appears to have been a good bet. Hayes said airlines have made money in the last three years and should continue to.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)