United Technologies Corp, which owns Sikorsky Aircraft and Pratt & Whitney, maker of jet engines, will cut 11,600 jobs and has lowered its 2009 forecast in a crumbling commercial aerospace market. The moves, part of an expanded $750 million restructuring program, are fueled by a decline in anticipated revenue, which is now expected to total $55 billion this year, down $2.7 billion from a December estimate.
Analysts polled by Thomson Reuters expected $55.2 billion. United Technologies also now forecasts earnings per share between $4 and $4.50, less than the $4.60 analysts anticipated. (More United Technologies stories.)