On Tuesday, United Technologies Corp. (NYSE:$UTX) released its Q2 earnings report. In this, we saw an increase in Q2 profit on sales gains from top business units. At the same time, the Connecticut-based company boosted its outlook.
In the Q2 earnings report, United Technologies announced a 4.4% increase in profit to $1.44 billion ($1.80 per share). Earnings, which have been adjusted for restructuring costs, came to $1.85 per share. Meanwhile, revenue for United Technologies increased 2.7% to $15.28 billion.
As one might expect, the results of the Q2 earnings report surpassed Wall Street expectations. Based on a sample size of 10 analysts, Zacks Investment Research found that the average estimate was for earnings of $1.77 per share, while 7 analysts forecasted $15.18 billion in revenue.
United Technologies’ Otis elevator unit reported a 1% sales gain to $3.13, while the Pratt & Whitney unit, which manufactures jet engines, reported a 6.7% increase in sales to $4.07. The company’s aerospace unit reported a 2% decrease to $3.64 billion. On the other side of the equation, the unit that focuses on cooling, heating, and fire safety products for buildings reported a 5.7% increase to $4.71 billion.
Moving forward, United Technologies narrowed its full-year earnings outlook to between $6.45 per share and $6.60 per share. This is up from a previous low end of $6.30 per share. The company forecasts revenue to hit between $58.5 billion to $59.5 billion, which is up from a previous range of $57.5 billion to $59 billion.
Since the start of 2017, United Technologies shares have increased 12%, while the S&P’s 500 index has increased 10%. In the last 12 months, the company’s stock has increased 17%.
Featured Image: utc.com
