United Technologies

United Technologies 4Q Revenue Falls 4.5%

Industries Reuters

United Technologies, which makes Pratt & Whitney aircraft engines and Otis elevators, on Wednesday reported a 4.5 percent decline in fourth-quarter revenue, hurt by a strong dollar.

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Revenue fell to $14.30 billion from $14.98 billion a year earlier.

Net income attributable to common shareholders rose to $3.28 billion from $1.47 billion.

UTC reported a loss of 30 cents per share from continuing operations, compared with year-earlier earnings of $1.41.

The company reported adjusted earnings from continuing operations of $1.53 per share, down 8 percent from $1.67 a year ago, due to a 19-cent-per-share impact of foreign exchange translation. Analysts on average had been expecting $1.52, according to Thomson Reuters I/B/E/S.

The revenue drop reflected a 5 percent decline in new orders at UTC's climate control and security business. New orders at Otis rose 2 percent, while Pratt's aftermarket sales jumped 11 percent and UTC aerospace sales rose 8 percent, the company said.

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UTC stuck with the outlook at gave investors a month ago, saying it expected 2016 adjusted earnings per share of $6.30 to $6.60, with sales at between $56 billion and $58 billion.

For 2015, UTC's sales totaled $56.1 billion, a decline of 3 percent.

(Reporting by Ankit Ajmera in Bengaluru and Alwyn Scott in Seattle; Editing by Sriraj Kalluvila and Lisa Von Ahn)