S&P 500 (NYSE:SPY) component United Technologies Corporation (NYSE:UTX) reported net income above Wall Street’s expectations for the second quarter. United Technologies provides high tech products and services to the building systems and aerospace industries worldwide.
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United Technologies Corporation Earnings Cheat Sheet
Results: Net income for the diversified operations rose to $1.33 billion ($1.62 per share) vs. $1.32 billion ($1.41 per share) in the same quarter a year earlier. This marks a rise of 0.8% from the year-earlier quarter.
Revenue: Fell 4.6% to $13.81 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: United Technologies Corporation beat the mean analyst estimate of $1.42 per share. It fell short of the average revenue estimate of $14.45 billion.
Quoting Management: “The Goodrich and IAE transactions better position UTC to serve the growing aerospace market,” said Louis Chenevert, UTC Chairman & Chief Executive Officer.”We are concluding on the substantial transformational changes to our portfolio that will generate shareholder value well into the future.”
The company has now beaten estimates the last two quarters. In the first quarter, it topped expectations with net income of $1.52 versus a mean estimate of net income of $1.20 per share.
Last quarter’s profit increase comes after net income dropped in the prevoius quarter. In the first quarter, net income declined 67.4% to $330 million.
Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the third quarter is $1.34 per share, down from $1.44 ninety days ago. At $5.47 per share, the average estimate for the fiscal year has fallen from $5.59 ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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