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HIGHER SIKORSKY R&D COSTS AFFECT UTC RESULTS

17 Apr 02. United Technologies Corp. (NYSE: UTX – news) today reported that first quarter 2002 earnings per share were $0.92, as compared with $0.86 in the same period last year. Net income for the first quarter of 2002 was $467 m, (2001: $440M). Revenues were $6.4bn, (2001: $6.7bn). Results include the effect of adopting the new goodwill accounting standard as of Jan. 1, 2002. On a comparable basis, first quarter 2001 earnings per share were $0.96 and net income was $492m.

Within the Flight Systems segment, operating profit for the quarter was lower than last year by $31 million on 4 percent lower revenues. Sikorsky accounted for most of the operating profit decline, due to higher research and development costs for the S-92 program and increased costs on an international Naval Hawk program. Hamilton Sundstrand’s operating profit declined slightly as lower commercial spares and industrial profit were substantially offset by productivity improvement.

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