United Technologies Corp., which makes Pratt & Whitney jet engines and Sikorsky helicopters, lowered its 2009 profit forecast on Tuesday and said it expects to cut 11,600 jobs because of a deteriorating commercial aerospace market.
The moves, part of an expanded $750 million restructuring program, are being driven by a decline in expected revenue, which is now seen totaling $55 billion this year, down $2.7 billion from a December estimate.
Analysts polled by Thomson Reuters expected $55.2 billion.
United Technologies cut its 2009 earnings per share forecast to between $4 per share and $4.50 per share, down from its December outlook of $4.65 to $5.15. Analysts, on average, had expected $4.60, according to Thompson Reuters.
Last month, United Technologies Chief Executive Louis Chenevert stood by December’s outlook.
original post by Democratic Underground from MSNBC source
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