United Technologies will slash 11,600 jobs as outlook dims

United Technologies (UTX), which owns Pratt & Whitney jet engines and Sikorsky Aircraft, cut its 2009 profit target by about 13% and said it will eliminate 11,600 jobs as it no longer expects an economic recovery this year.

The world's largest maker of elevators and air conditioners said Tuesday that it expects to earn $4 to $4.50 per share in 2009, lower than the $4.65 to $5.15 per share it previously forecast.

Analysts were looking for profit of $4.60, according to Reuters Estimates.

Read Full Article from USAToday

- Posted: 2009-03-10 08:18:15

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