United Technologies Mum on Rockwell Collins as It Raises Outlook
24 Octubre 2017 - 8:11AM
Noticias Dow Jones
By Cara Lombardo
United Technologies Corp. on Tuesday said revenue rose 5% in its
latest quarter, and raised its full-year profit outlook as the
industrial conglomerate reported its best quarter of organic growth
since 2011.
Pratt & Whitney, the company's aircraft engine business,
contributed the largest boost to the company's third-quarter
revenue of $15.1 billion.
Sales in United Technologies's aerospace segment, which stands
to benefit from a tie-up with Rockwell Collins Inc., declined
slightly, though aftermarket sales in both Pratt & Whitney and
the aerospace unit increased 11%.
The Farmington, Conn., company now expects adjusted per-share
earnings of $6.58 to $6.63, up from $6.45 to $6.60. It also
narrowed its revenue outlook to $59 million to $59.5 million from
$58.5 million to $59.5 million.
United Technologies shares rose 1.7% to $122.90 in premarket
trading.
Chief Executive Greg Hayes said in prepared remarks that the
proposed $23 billion acquisition of Rockwell Collins would be
"transformational" for the company, but stopped short of providing
an update on the deal's regulatory approval process.
The deal reached last month would be the largest aerospace deal
in history. If approved, it could increase United Technologies's
presence as a supplier to Boeing Co. and Airbus SE engines.
Though the deal has to get through several regulators and could
face some headwinds in Europe, analysts generally expect it to gain
approval because United Technologies and Rockwell make different
airplane parts.
People familiar with the situation have told The Wall Street
Journal the deal could prompt United Technologies to make changes
to its portfolio. United Technologies has said it expects the
purchase to close by the third quarter of next year.
Earlier this month, United Technologies hired Siemens AG CEO
Judy Marks to lead its Otis elevator and escalator manufacturing
division. Otis is the smallest of the company's four divisions by
revenue, accounting for about 21% of 2016 revenue, and new orders
declined 4% in the latest quarter as sales increased 5%.
Overall for the third quarter, United Technologies reported a
profit of $1.3 billion, down 8% from a year ago. Earnings were
$1.67 a share. Excluding one-time items, the company's adjusted
earnings per share were $1.73, compared with $1.76 a year ago.
Analysts polled by Thomson Reuters had expected $1.69 a share.
The company recorded a $27 million charge during the quarter for
transaction costs related to its work to acquire Rockwell
Collins.
Write to Cara Lombardo at cara.lombardo@wsj.com
(END) Dow Jones Newswires
October 24, 2017 08:56 ET (12:56 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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