United Technologies Tops Q3 Profit Forecasts

by Christopher Freeburn | October 23, 2012 1:20 pm

United Technologies (NYSE:UTX[1]) said on Tuesday that it earned $1.2 billion during the third quarter[2], down about 6% compared to last year. EPS came in at $1.39, topping analysts’ estimates of $1.18 a share, Fox Business News noted.

The aerospace and defense manufacturer recorded quarterly revenue of $15.04 billion, up 6% from $14.24 billion last year. That missed the $15.51 billion that Wall Street had anticipated.

Company officials reiterated previously issued earnings guidance of between $5.25 and $5.35 a share for 2012. However, they lowered their sales estimate for the year to $58 billion, down from earlier predictions of $59 billion, attributing the reduced estimate to a sluggish global economy.

Shares of United Technologies slipped fractionally in Tuesday midday trading.

In July, UTX completed its $16.5 billion purchase of Goodrich[3], which the company financed in part through the sale of its Rocketdyne, Clipper Windpower and Hamilton Sundstrand’s units.

  1. UTX: http://studio-5.financialcontent.com/investplace/quote?Symbol=UTX
  2. during the third quarter: http://www.foxbusiness.com/industries/2012/10/23/united-technologies-profit-slips-3-from-year-prior/
  3. purchase of Goodrich: https://investorplace.com/2011/09/united-technologies-utx-goodrich-3m-mmm/

Source URL: https://investorplace.com/2012/10/united-technologies-lowers-2012-sales-forecast/
Short URL: http://invstplc.com/1fxE0E3