United Technologies CEO sees sequester impact

"We did the big deal," he said. "Now we're integrating and executing."

United Technologies reported $4.82 billion in cash at the end of 2012, down 19 percent from 2011.

The company announced earlier this month it may buy back up to 60 million shares, replacing an approximately $4.3 billion stock buyback program which began almost three years ago and is nearly spent. It expects repurchases to total about $1 billion this year.

Companies buy back stock to reward shareholders since reducing the number of stock outstanding can lift earnings per share.