UTC President & COO Affirms 2007 Earnings Per Share Growth Of 14 Percent; Expects 10 To 14 Percent EPS Growth in 2008

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UTC President & COO Affirms 2007 Earnings Per Share Growth Of 14 Percent; Expects 10 To 14 Percent EPS Growth in 2008
    NEW YORK, Dec. 13 /PRNewswire-FirstCall/ -- During a meeting with
analysts today, United Technologies Corp. (NYSE: UTX) President and COO
Louis Chenevert affirmed the company's expectation for 2007 earnings per
share growth of 14 percent, or a range of $4.22 to $4.25 per share.
Chenevert also projected 2008 earnings per share of $4.65 to $4.85, growth
of 10 to 14 percent. The company anticipates 2007 cash flow from operations
less capital expenditures in the range of net income.

    "UTC will have a solid finish to 2007, and we continue to expect
earnings per share growth of 14 percent for the year," said Chenevert.
"Strength in aerospace and commercial construction markets more than offset
continued deterioration in the U.S. residential HVAC market. Cash flow from
operations less capital expenditures will be in the range of net income, in
spite of inventory growth to support the ongoing strong organic revenue
growth.

    "We expect another year of solid performance in 2008, as UTC's strong
portfolio of market leading businesses and experienced management team
continue to deliver outstanding results. UTC is uniquely positioned to
capitalize on continued worldwide growth with more than 60 percent of
revenue generated outside of the United States. Prospects for future
earnings growth are fueled by our ACE operating system, which is driving
productivity improvements across our businesses. We also see strong market
acceptance of UTC's new products across our entire portfolio from Otis' Gen
2 to Pratt & Whitney's Geared Turbofan engine," Chenevert continued.

    Revenues are expected to increase to $59 billion in 2008 on mid single
digit organic growth with solid operating profit growth in all six
businesses. We expect cash flow from operations less capital expenditures
to equal net income in 2008. Share repurchase is expected to be $2.0
billion for the full year.

    United Technologies Corp., based in Hartford, Connecticut, is a
diversified company that provides a broad range of high technology products
and support services to the building systems and aerospace industries.

    This release is supplemented by presentation materials that are
available on UTC's website at http://www.utc.com, and includes "forward looking
statements" concerning expected revenue, earnings, cash flow, share
repurchases, restructuring and other matters that are subject to risks and
uncertainties. These statements often contain words such as "expect",
"anticipate", "plan", "estimate", "believe", "will", "see", "guidance" and
similar terms. Important factors that could cause actual results to differ
materially from those anticipated or implied in forward looking statements
include the health of the global economy; strength of end market demand in
construction and in both the commercial and defense segments of the
aerospace industry; fluctuation in commodity prices, interest rates,
foreign currency exchange rates, and the impact of weather conditions; and
company specific items including the availability and impact of
acquisitions; the rate and ability to effectively integrate these acquired
businesses; the ability to achieve cost reductions at planned levels;
challenges in the design, development, production and support of advanced
technologies and new products and services; delays and disruption in
delivery of materials and services from suppliers; labor disputes; and the
outcome of legal proceedings. The level of share repurchases may vary
depending on the level of other investing activities. For information
identifying other important economic, political, regulatory, legal,
technological, competitive and other uncertainties, see UTC's SEC filings
as submitted from time to time, including but not limited to, the
information included in UTC's 10-K and 10-Q Reports under the headings
"Business", "Risk Factors", "Management's Discussion and Analysis of
Financial Condition and Results of Operations" and "Cautionary Note
Concerning Factors that May Affect Future Results", as well as the
information included in UTC's Current Reports on Form 8-K.

    Contact: John Moran, UTC,



              (860) 728-7062
              http://www.utc.com
SOURCE United Technologies Corp.
http://www.utc.com
http://www.prnewswire.com/comp/913919.html /
CONTACT:
John Moran of UTC, +1-860-728-7062