BOSTON, April 21 (Reuters) - Diversified U.S. manufacturer United Technologies Corp (UTX.N) expects to return to profit growth in 2010, as the effects of restructuring and margin improvements start to pay off, its chief financial officer said on Tuesday.
Citing growth at its Sikorsky helicopter business and new programs at Hamilton Sundstrand aviation components, as well as some 18,000 job cuts over 2008 and 2009, CFO Greg Hayes said: “These tail winds should allow UTC to resume earnings growth in 2010.”
The Hartford, Connecticut-based company also expects the rate of decline in its revenues to slow later this year, he said.
“While order rates continue to be down, there are signs of stabilization in the order rates, particularly in China, which is starting to see the early benefits of the stimulus program there,” Hayes said on a conference call with analysts.
United Tech expects earnings per share to fall 8 to 18 percent this year. (Reporting by Scott Malone, editing by Gerald E. McCormick)