Chairman and CEO George David announces increase in expected 2007 share repurchases to $2 billion; reaffirms outlook
DANA POINT, Calif.- United Technologies Corp. (NYSE:UTX) Chairman and Chief Executive Officer George David today announced increased expectations for share repurchase during 2007. During comments made at the Morgan Stanley CEOs Unplugged Industrials Conference, David raised guidance for 2007 share repurchase to $2 billion, up from the prior $1.5 billion expectation, and confirmed the outlook for 2007 acquisitions spending in the range of $2 billion for the year, unchanged from prior projections. David also reaffirmed the company’s 2007 outlook for earnings per share and cash flow. EPS is anticipated to be in the range of $4.15 to $4.25 and cash flow from operations after capital expenditures to exceed net income for the year.
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