United Technologies Raises Targets, Waits on Rockwell Merger
23 Octubre 2018 - 7:14AM
Noticias Dow Jones
By Thomas Gryta
United Technologies Corp. sought to reassure investors that its
core businesses are performing well even as the company's $23
billion takeover of Rockwell Collins Inc. hangs in regulatory
limbo.
The conglomerate, which makes Pratt & Whitney jet engines
and Otis elevators, said Tuesday its third-quarter profit dropped
7% as higher costs offset a 10% jump in revenue. Excluding
acquisitions, the company said organic sales rose 8% from a year
ago.
United Technologies raised its financial targets for the rest of
its fiscal year but didn't comment in its release on the status of
the pending Rockwell Collins deal, which was supposed to close by
the end of September.
The year-old deal received U.S. regulatory approval earlier this
month but appears to still be under review by Chinese authorities.
The delays have stoked speculation that the transaction's approval
could become entangled in trade tension between the U.S. and
China.
Executives are scheduled to hold a conference call later Tuesday
morning.
United Technologies owns one of the world's biggest jet-engine
makers, Pratt & Whitney, along with Otis elevators and Carrier
air conditioners. Executives have said they are exploring whether
to breakup the company after the Rockwell deal closes.
United Technologies boosted its 2018 adjusted earnings outlook
to a range of $7.20 to $7.30 a share, up from a previous view of
$7.10 to $7.25 a share. It also raised the low end of its 2018
sales projection by $500 million and now expects $64 billion to
$64.5 billion. Its free cash flow goal of $4.5 billion to $5
billion is unchanged.
Analysts expected 2018 earnings of $7.23 on revenue of $64.6
billion.
Third-quarter net income slipped to $1.24 billion, down from
$1.33 billion a year earlier. The results were weighed down by
restructuring charges. Total revenue was $16.51 billion, up from
$15.06 billion a year ago. Both profit and sales exceeded Wall
Street's expectations.
Write to Thomas Gryta at thomas.gryta@wsj.com
(END) Dow Jones Newswires
October 23, 2018 07:59 ET (11:59 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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