| • Weakness in Commercial Aerospace: Extended weakness in commercial aerospace is hurting related businesses.
• Federal Budget: Federal budget deficits could put pressure on the defense budget in the near term, and limit demand for military shipments.
• Currency: Currency translation gains remain uncertain.
• Interest Rates: Rising interest rates could reduce residential construction in the U.S., and slow the overall global economic growth.
• Commodity Prices: Rising commodity prices, particularly copper and steel, would adversely affect earnings of the Company.
• Market Condition: Market conditions in Carrier’s North American residential business appear challenging.
• Strong competitors: UTX competes in several industrial and commercial sectors, as well as some consumer/residential sectors, with well-capitalized global companies.
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