Navigate this market better. Subscribe for FREE stock alerts and information.

Monday, September 15, 2014

Pratt says next F-35 engine deals will cut costs by 7-8 pct, (NYSE: UTX)

Pratt & Whitney, a unit of United Technologies Corp, said its contracts with the Pentagon for the next two batches of engines for the F-35 fighter jet will result in combined cost savings of 7 percent to 8 percent. Bennett Croswell, president of Pratt's military engines division, told reporters the company had already more than halved the cost of its F-35 engine, and the savings from the next two contracts - for the seventh and eighth batches of engines - would come on top of that.

United Technologies Corporation (UTC) provides high technology products and services to the building systems and aerospace industries worldwide. Shares of UTX fell by 0.03% or $-0.03/share to $108.32. In the past year, the shares have traded as low as $102.21 and as high as $120.66. On average, 3832510 shares of UTX exchange hands on a given day and today's volume is recorded at 2514980.