United Technologies (UTX) Tops Q2 EPS by 2c; Cuts FY15 Outlook
United Technologies (NYSE: UTX) reported Q2 EPS of $1.73, $0.02 better than the analyst estimate of $1.71. Revenue for the quarter came in at $16.3 billion versus the consensus estimate of $16.52 billion.
As announced yesterday, UTC has reached an agreement to sell Sikorsky to Lockheed Martin for $9 billion, subject to regulatory approvals and customary closing conditions. As a result, Sikorsky will be reported in discontinued operations beginning in the third quarter. The company now expects full year EPS of $6.45 to $6.60 from operations including Sikorsky, but excluding an expected gain related to its sale. Expectations from continuing operations are now $6.15 to $6.30. (Consensus estimates are at $6.85.) This is down from the previous expectations of $6.55 to $6.85 and $6.35 to $6.55, respectively. Sales expectations from continuing operations have also been revised to $57 to $58 billion from the prior expectation of $58 to $59 billion. The revised expectations reflect approximately 3 percent organic sales growth. (The Street is looking for sales of $64.7 billion.)
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