United Technologies to cut 11,600 jobs

[Pale Blue Dot]

Source: MSNBC

HARTFORD, Conn. - United Technologies Corp., which makes Pratt & Whitney jet engines and Sikorsky helicopters, lowered its 2009 profit forecast on Tuesday and said it expects to cut 11,600 jobs because of a deteriorating commercial aerospace market.

The moves, part of an expanded $750 million restructuring program, are being driven by a decline in expected revenue, which is now seen totaling $55 billion this year, down $2.7 billion from a December estimate.

Analysts polled by Thomson Reuters expected $55.2 billion.

United Technologies cut its 2009 earnings per share forecast to between $4 per share and $4.50 per share, down from its December outlook of $4.65 to $5.15. Analysts, on average, had expected $4.60, according to Thompson Reuters.

Last month, United Technologies Chief Executive Louis Chenevert stood by December’s outlook.

Read more: http://www.msnbc.msn.com/id/29614901/

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...but don't worry. The stock market's way up today.

[NewJeffCT]

1. I bet a bunch of those are union jobs, too

They've had thousands of union workers here in Connecticut for decades, and it's always been a struggle between UTC and its workers at Pratt & Whitney (mostly) and Sikorsky.

They'll also claim the strong dollar is hurting them as well, as they sell a lot outside the US...

[virgdem]

6. I lived in East Hartford/Manchester area...

for years before moving to Virginia. East Hartford will really take a hit with that many layoffs, which I'm sure are mostly union. My ex used to work for Pratt 30+ years ago and the wages were really decent for the times.

[NewJeffCT]

7. they've been shipping jobs out of CT for years

to Georgia, Florida, etc, where the labor laws aren't nearly as strong. Of course, they've moved many things to overseas - China, India, Eastern Europe, etc - since that time.

[BR_Parkway]

2. Wall St always loves job cuts - more instant profits to them, who cares

about next quarter.

It's a shame that we've got this mind shift from investing in things long term for a decent return versus today's grab everything you can while the getting is good mentality.

[CatholicEdHead]

4. Probably part of the reason the DOW is currently up 248pts today

[OhioChick]

5. I've noticed that, as well.

When major layoffs are announced, the stock market goes up.

K&R

[RamboLiberal]

3. They also make Otis Elevators & Carrier HVAC

I know a lot of the latter jobs they've shipped overseas years ago. Really screwed over Syracuse, NY & other areas of the country.