United Technologies Profit Rises, But Cuts FY15 Outlook

(RTTNews) - United Technologies Corp (UTX) on Monday reported an increase in profit for the fourth quarter as revenues grew, with the conglomerate slashing its full-year profit forecast citing a strong U.S. dollar.

Hartford, Connecticut, based United Technologies' fourth-quarter profit rose to $1.47 billion or $1.62 per share from $1.46 billion or $1.60 per share last year. On average, 19 analysts polled by Thomson Reuters estimated earnings of $1.62 per share for the quarter. Analysts' estimates typically exclude special items.

United Technologies said fourth-quarter revenues grew to $17.00 billion from $16.76 billion a year ago. Analysts had a consensus revenue estimate of $17.14 billion for the quarter.

Otis new equipment orders in the quarter increased 12 percent, while orders at UTC Climate, Controls & Security increased 11 percent. Commercial aftermarket sales were down 6 percent at Pratt & Whitney and up 5 percent at UTC Aerospace Systems.

United Technologies had to move up its earnings report and conference call to Monday afternoon from Tuesday morning due to the Northeast blizzard.

Looking forward to the full year 2015, the company expects adjusted earnings of $6.85 to $7.05 per share on revenues of $65 billion to $66 billion. Analysts currently expect earnings of $7.19 per share on revenues of $67.02 billion.

Just a month ago, the company issued its initial outlook for full year 2015 of earnings of $7.00 to $7.20 per share on sales of $66 billion to $67 billion.

"Based on solid backlog and continued orders strength, we see topline momentum as we enter 2015; our business fundamentals and operational expectations have not changed," said newly appointed CEO Gregory Hayes.

UTX is currently trading at $118.75, down $1.23 or 1.03%, on the NYSE. The stock further dropped $2.75 or 2.32% in the after-hours trade.