Total shareowner return for the year was 55 percent, compared with 28 percent for the Dow Industrials and 29 percent for the S&P 500. Longer term, UTC’s total shareowner return has substantially outperformed both indices, with 629 percent over 10 years for UTC, 242 percent for the Dow Industrials and 186 percent for the S&P 500.
Earnings per share increased 6 percent to $4.69. Operating cash flow was robust at $2.9 billion, essentially equaling net income after capital expenditures of $530 million. This cash flow result was stronger still for having included $1 billion in voluntary contributions to our pension plans worldwide. We deployed the amounts for acquisitions exceeding $2 billion (including assumed debt) and share repurchase totaling $400 million.
Acquisitions and the translation effect of a weaker dollar contributed to revenue growth of 10 percent and 2003 revenuesof $31 billion. The Corporation’s debt-to-capital ratio ended the year at 31 percent, down 6 percentage points for the year. We increased the dividend twice for a combined rate increase of 43 percent based on our strong performance and outlook and reflecting the Bush Administration’s dividend tax cut.
We entered the security and fire protection industries with the acquisition of Chubb plc, a world leader in its fields. Chubb fits well with UTC’s commercial businesses, Otis and Carrier, and we are confident we can improve operating performance, competitiveness, growth rates and market positions for Chubb. Because Chubb’s business presence is primarily outside the United States, our international revenues grew to 57 percent of the Corporation’s total.
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