United Tech sees $1b or more in share buybacks

United Technologies, flush with cash, sees share buybacks in 2013 of $1 billion or more

Associated Press

HARTFORD, Conn. (AP) -- The chief financial officer of United Technologies Corp. says the aerospace giant expects to spend at least $1 billion buying back shares this year.

CFO Greg Hayes told analysts Thursday that the Hartford, Conn., conglomerate has a strong cash position.

United Technologies had $4.82 billion in cash on the balance sheet at the end of 2012, and Hayes said that will soar to $12 billion with free cash flow and money from divestitures.

He said the company spent $350 million for buybacks in the first quarter and will likely spend the same in the second quarter.

The $18.4 billion purchase of aerospace parts maker Goodrich Corp. last year appears to have been a good bet. Hayes said airlines have made money in the last three years and should continue to.

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