Industrials
United Technologies Beats Earnings Goals, Tames Profit Outlook
Published:
Last Updated:
United Technologies Corp. (NYSE: UTX) reported earnings that beat analyst estimates, but also had to lower its full-year profit outlook due to a slowing economy in Europe and a weaker currency.
The company’s net income was $1.33 billion, or $1.62 a share, up from $1.32 billion, or $1.41 a share, in the year-earlier period. Analysts were expecting earnings of $1.41 a share in the second-quarter, according to averages compiled by Thomson Reuters.
Revenue for United Technologies was 13.81 billion in the second quarter, down from $14.41 in the same quarter a year ago. Analysts were expecting revenue of $14.44 billion. Sales in the UTC Climate, Controls & Security division, the company’s biggest revenue generator, fell to $4.57 billion in the quarter, down from $5.14 billion in the year-ago period.
The company lowered its full-year profit target to between $5.25 and $5.35 a share, down from between $5.30 and $5.50 previously.
United Technologies also received approval from the European Commission for its $16.5 billion acquisition of Goodrich Corp. (NYSE: GR). To fund this, the company announced Wednesday it was selling several industrial-products divisions for $3.46 billion on top of a previously announced sale of its wind power unit for $550 million.
Shares of United Technologies were up 3.04% to $74.82 in early trading. The 52-week high is $87.50.
Samuel Weigley
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.