UTX Worries About Cuts in Spare Parts Orders by U.S. Military and 2 Other Dow Movers to Watch
United Technologies Corp. (NYSE:UTX): Current price $109.34
United Technologies subsidiary Sikorsky is concerned about sharp cuts in United States military spare parts orders, Chief Financial Officer Greg Hayes said to the Associated Press on Tuesday. However, he was more optimistic regarding prospects in Europe, even as he told investor analysts that automatic U.S. federal budget cuts starting in March could take a larger chunk out of profit next year than the firm initially had expected. The Defense Department is Sikorsky’s No. 1 customer; Hayes remarked, “I just don’t know what’s going to happen in DoD.” United Technologies estimated that federal spending cuts will carve into 2013 earnings by 10 cents per share.