United Technologies unveils $1.5 billion restructuring plan to cut costs – Business Insider

Thomson ReutersTicker symbol for United Technologies is displayed on a screen on the floor of the New York Stock Exchange

By Alwyn Scott and Amrutha Penumudi

(Reuters) – United Technologies Corp forecast a slight profit rise next year and announced a $1.5 billion restructuring plan to reduce costs, sending its shares up in extended trading.

The U.S. aerospace and building systems conglomerate said 2016 adjusted earnings will be $6.30 to $6.60 per share on revenue of $56 billion to $58 billion. Most of the EPS gain will come from share buybacks, it noted.

The company also expects 2015 adjusted earnings of $6.20-$6.30 per share, raising the lower end of the previous estimate by 5 cents.

The restructuring will cost…

Read the full article at: http://www.businessinsider.com/r-united-technologies-unveils-15-billion-restructuring-plan-to-cut-costs-2015-12