UTX United Technologies Corporation

   By Kimberly Chin 
 

United Technologies Corp. (UTX) reported its second-quarter earnings Tuesday. Here is what you need to know:

EARNINGS: The industrial conglomerate posted a profit of $2 billion, up 42% from a year ago. The results included a one-time gain from the sale of Taylor Co., a foodservice equipment manufacturer, to Middleby Corporation. On an adjusted basis, its earnings rose 6% to $1.97 a share from the prior year, compared with the $1.85 a share analysts polled by Thomson Reuters expected.

REVENUE: Revenue increased 9% to $16.7 billion, above the $16.3 billion analysts expected, as sales were up across all units. Operating profit margins dropped in Otis while its climate, controls and security unit, Pratt & Whitney and its aerospace unit rose.

GUIDANCE: The company raised its 2018 sales outlook to a range of $63.5 billion to $64.5 billion from $63 billion to $64.5 billion as previously guided. The company raised its adjusted EPS outlook range to $7.10 to $7.25 a share from $6.95 to $7.15, excluding the pending acquisition of aviation firm Rockwell Collins.

STOCK: United Technologies shares were down 1.05% in premarket trading.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

July 24, 2018 08:49 ET (12:49 GMT)

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