United Technologies (UTX) Reports In-Line Q4 EPS; Affirms Outlook

United Technologies (NYSE: UTX) reported Q4 EPS of $1.56, in-line with the analyst estimate of $1.56. Revenue for the quarter came in at $14.7 billion versus the consensus estimate of $14.7 billion.

Affirms outlook and anticipates:

• Adjusted EPS of $6.30 to $6.60*;
• Total sales of $57.5 to $59 billion, with year over year growth of 1 to 3 percent including organic sales growth of 2 to 4 percent*;
• Free cash flow in the range of 90 to 100 percent* of net income attributable to common shareowners;
• Share repurchases of $3.5 billion in 2017; and
• A $1 billion to $2 billion placeholder for acquisitions.

"In 2016, UTC delivered solid financial results with adjusted earnings just above the top end of our expectations," said UTC Chairman and Chief Executive Officer Gregory Hayes. "UTC also realized significant operational achievements. Our aerospace businesses supported the entry into service of the A320neo and CSeries programs, our Climate, Controls & Security business introduced over 100 new products to enhance future growth, and Otis increased its global segment share for new equipment orders."

Hayes continued, "We remain confident in the 2017 expectations we laid out in December. Despite an uncertain global macro environment, our growing aerospace backlog and strategic investments in the commercial businesses position us well to generate higher organic growth in 2017, and we remain on track to our 2020 targets," Hayes added. "UTC remains focused on innovation for growth, execution, structural cost reduction, and disciplined capital allocation."

For earnings history and earnings-related data on United Technologies (UTX) click here.

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