United Technologies Corp. Earnings: Booking a Profit Again

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.”

Key Stats:

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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