HARTFORD, Conn. – United Technologies Corp. (NYSE:UTX) Board of Directors today approved a 10.4 percent increase in its first quarter dividend to 42.5 cents per common share. The dividend is payable March 10 to shareowners of record at the close of business Feb. 19. The ex-dividend date is Feb. 17.
“Despite weakness in the global economy, our focus on structural cost reduction, effective cash redeployment, and portfolio transformation has made UTC a stronger company than we were a year ago,” said Chairman & Chief Executive Officer Louis Chênevert. “This dividend increase demonstrates our confidence in UTC’s financial strength and in our ability to continue to deliver outstanding performance in 2010 and beyond."
UTC has paid cash dividends on its common stock for 74 consecutive years dating to 1936.
Based in Hartford, Connecticut, UTC is a diversified company that provides high technology products and services to the aerospace and building industries worldwide.
This release includes "forward-looking statements" concerning expected dividends and financial performance. These matters are subject to risks and uncertainties. Important factors that could cause actual results to differ materially from those anticipated or implied in forward looking statements include extended weakness in global economic conditions; extended contraction in credit conditions; the impact of volatility and deterioration in financial markets on overall levels of economic activity; declines in end market demand in construction and in both the commercial and defense segments of the aerospace industry; fluctuation in commodity prices, interest rates, foreign currency exchange rates, and the impact of weather conditions; and company specific items including the impact of further deterioration and extended weakness in global economic conditions on demand for our products and services, the financial strength of customers and suppliers and on levels of air travel; financial difficulties, including bankruptcy, of commercial airlines; the availability and impact of acquisitions; the rate and ability to effectively integrate these acquired businesses; the ability to achieve cost reductions at planned levels; challenges in the design, development, production and support of advanced technologies and new products and services; delays and disruption in delivery of materials and services from suppliers; labor disputes; and the outcome of legal proceedings. For information identifying other important economic, political, regulatory, legal, technological, competitive and other uncertainties, see UTC's SEC filings as submitted from time to time, including but not limited to, the information included in UTC's 10-K and 10-Q Reports under the headings "Business", "Risk Factors", "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Cautionary Note Concerning Factors that May Affect Future Results", as well as the information included in UTC's Current Reports on Form 8-K.