United Technologies (UTX) Tops Q4 EPS by 10c, Revenues Beat

United Technologies (NYSE: UTX) reported Q4 EPS of $1.94, $0.10 better than the analyst estimate of $1.84. Revenue for the quarter came in at $19.6 billion versus the consensus estimate of $19.38 billion.

Fourth Quarter 2019

Sales of $19.6 billion, up 8 percent versus prior year, including 1 percent organic growth
GAAP EPS of $1.32, up 59 percent versus prior year
Adjusted EPS of $1.94, down 1 percent versus prior year

"United Technologies delivered record sales, adjusted earnings per share and free cash flow in 2019 on continued aerospace strength and a return to profit growth at Otis," said UTC Chairman and Chief Executive Officer Gregory Hayes. "Organic sales grew 5 percent and adjusted earnings and free cash flow exceeded the high end of the ranges we expected. In a year of unprecedented change, our 2019 financial performance is a testament to our focus on our customers and the hard work and dedication of the 240,000 employees across UTC."

Hayes continued, "Operational separation activities for Otis and Carrier are substantially complete, and we are executing the final steps required to spin both businesses as independent companies early in the second quarter. We also remain excited about the transformational merger of UTC\'s aerospace businesses with Raytheon to create Raytheon Technologies, which will be the premier aerospace and defense systems and services provider. Our goal is to have the merger ready to close concurrent with the portfolio separation."

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

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