United Technologies Boosts F14 Buyback Spending
United Technologies (NYSE: UTX) on Wednesday boosted its plans for buying back shares in the current year to $1.35 billion from its previous $1.25 billion plan.
The aerospace and building technology company's shares have dropped more than five percent during the past six months.
Also Thursday, the company reaffirmed an earlier forecast of 2014 earnings of $6.75 to $6.85 a share , on sales of about $65 billion. Wall Street expects earnings of $6.86 a share on revenue of $65.36 billion.
As of June 30 the company had spent about $664 million on 2014 buybacks under a February 2013 plan that authorized the repurchase of up to 60 million shares. As of June 30, the remaining authorization was 45.5 million shares.
During the recent second quarter, the company acquired 2,858 of its shares for an average price of $117.23 each; in the first quarter, it acquired 2.9 million shares at an average price of $113.67 a share.
United Technologies exchanged hands recently at $109.78, up 0.09 percent.
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