Chubb acquisition helps boost UTC earnings

SSN Staff  - 
Thursday, 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.