United Technologies Corporation (NYSE: UTX) went for a bit of a dive on Tuesday morning, as earnings beat expectations
The company on Tuesday reported second-quarter net income of $1.44 billion, or $1.80 a share, up from $1.38 billion, or $1.71 a share, in the year-earlier period.
Adjusted earnings per share of $1.85 beat analysts’ consensus of $1.78. Second-quarter sales of $15.3 billion were up 3% and matched forecasts.
The company raised its full-year sales outlook to $58.5-$59.5 billion, up from $57.5-59 billion and its adjusted EPS forecast to $6.45-6.60, up from $6.30-6.60. The stock has gained 12.3% in the year to date, while the S&P 500 is up 10.3%
The maker of elevators, jet engines and other products posted revenue of $15.28 billion in the period, also beating Street forecasts.
United Technologies expects full-year earnings in the range of $6.45 to $6.60 per share, with revenue in the range of $58.5 billion to $59.5 billion.
Said CEO Gregory Hayes, “our performance is in-line with our expectations as we continue to execute on our strategic priorities, including growing the business through our investments in innovative products and services, delivering on our aerospace backlog, and achieving our cost reduction goals, while maintaining a disciplined approach to capital allocation."
United Technologies shares have risen 12% since the beginning of the year, while the Standard & Poor's 500 index has risen 10%. The stock has risen 17% in the last 12 months.
Shares were down $2.99, or 1.4%, mid-morning Tuesday to $120.14, within a 52-week trading range of $97.62 to $124.79
