Chubb acquisition helps boost UTC earnings
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, UTCÃ¢â‚¬â„¢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 companyÃ¢â‚¬â„¢s 2003 year-end revenues were $31 billion, compared to $28.1 billion in 2002.
According to the companyÃ¢â‚¬â„¢s earnings statement, Chubb contributed $720 million to the companyÃ¢â‚¬â„¢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 companyÃ¢â‚¬â„¢s headquarters to the United States and double the size of the business within the next five years.
Also helping UTCÃ¢â‚¬â„¢s bottom line was a 10 percent reduction in company-funded research and development spending.