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Share Name | Share Symbol | Market | Type |
---|---|---|---|
United Technologies Corporation | NYSE:UTX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 86.01 | 0 | 01:00:00 |
By Dave Sebastian
United Technologies Corp. raised its outlook for the year as earnings and revenue in the latest quarter beat expectations.
The Farmington, Conn., aerospace company reported second-quarter net income of $1.9 billion, or $2.20 a share, down from $2 billion, or $2.56 a share a year earlier.
Analysts polled by FactSet were expecting $1.90 a share in profit. But adjusted earnings of $2.20 a share were above the $2.05 a share projected by analysts.
Revenue rose to $19.63 billion in the quarter, up from $16.7 billion in the comparable quarter last year, surpassing analysts' average estimate of $19.55 billion.
Costs and expenses rose to $17.26 billion from $14.77 billion the same period last year.
The company raised its adjusted earnings projections for 2019 to $7.90 to $8.05 a share from its previous guidance of $7.80 to $8 a share. Sales expectations remain the same at $75.5 billion to $77 billion, the company said.
United Technologies in June struck an all-stock deal to merge with defense contractor Raytheon Co. after UTC executives chose to exit the escalator and air-conditioner businesses.
The combined company, valued at more than $100 billion after planned spinoffs, would be the world's second-largest aerospace-and-defense company by sales behind Boeing Co., with annual revenue of about $74 billion this year. It will make everything from engines and seats for jetliners and F-35 jet fighters, to Patriot missile launchers and space suits for astronauts.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
July 23, 2019 08:05 ET (12:05 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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