Chubb acquisition helps boost UTC earnings
By SSN Staff
Updated Thu January 22, 2004
January 22 , 2004
HARTFORD, Conn. - Aided by gains from its Chubb Plc business, United Technologies Corp. saw its fourth-quarter 2003 revenues rise 19 percent over the same period in 2002.
In addition to its fourth-quarter gains, UTC’s year-end revenues for 2003 were up 10 percent over 2002 year-end numbers.
UTC reported fourth-quarter revenues of $8.6 billion, compared to $7.2 billion in 2002. The company’s 2003 year-end revenues were $31 billion, compared to $28.1 billion in 2002.
According to the company’s earnings statement, Chubb contributed $720 million to the company’s fourth-quarter revenues and $1.1 billion to its year-end total.
UTC acquired London-based Chubb in late July for $1 billion and plans to move that company’s headquarters to the United States and double the size of the business within the next five years.
Also helping UTC’s bottom line was a 10 percent reduction in company-funded research and development spending.
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