S&P 500 (NYSE:SPY) component United Technologies Corporation (NYSE:UTX) reported its results for the third quarter. United Technologies provides high tech products and services to the building systems and aerospace industries worldwide.
Earnings season is back and more important than ever. Get our newest CHEAT SHEET stock picks now
United Technologies Corporation Earnings Cheat Sheet
Results: Net income for the diversified operations rose to $1.42 billion ($1.37 per share) vs. $1.32 billion ($1.47 per share) in the same quarter a year earlier. This marks a rise of 6.9% from the year-earlier quarter.
Revenue: Rose 1.3% to $15 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: United Technologies Corporation fell short of the mean analyst estimate of $1.42 per share. It beat the average revenue estimate of $14.45 billion.
Quoting Management: “The integration of Goodrich and IAE is off to a good start with solid underlying performance at both businesses,” said Louis Chnevert, UTC Chairman & Chief Executive Officer. “We now expect just $0.10 of EPS dilution from the Goodrich acquisition in 2012 versus our prior estimate of $0.20.”
A year-over-year revenue increase last quarter snaps a streak of two consecutive quarters of revenue declines. Revenue fell 8.4% in the second quarter and fell 6.9% in the first quarter.
The company fell short of estimates last quarter after beating the mark the quarter before with net income of $1.52 versus a mean estimate of net income of $1.20 per share.
Net income has dropped 7.7% year-over-year on average across the last five quarters. Performance was hurt by a 67.4% decline in the first quarter from the year-earlier quarter.
Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the fourth quarter has moved down from $1.44 a share to $1.34 over the last ninety days. For the fiscal year, the average estimate has moved down from $5.59 a share to $5.47 over the last ninety days.
Stocks with improving earnings metrics are worthy of your extra attention. In fact, “E = Earnings Are Increasing Quarter-Over-Quarter” is a core component of our CHEAT SHEET investing framework for this very reason. Don’t waste another minute — click here and get our CHEAT SHEET stock picks now.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
Don’t Miss These Additional Hot Stories: