United Technologies Corp. said Tuesday it had net income of $1.37 billion, or $1.71 a share, in the second quarter, down from $1.54 billion, or $1.64 a share, in the year-earlier period. Sales rose to $14.9 billion from $14.7 billion. The FactSet consensus was for EPS of $1.68 and sales of $14.7 billion. Chief Executive Gregory Hayes said the company is on track to meet its growth targets for 2020. The company raised the low end of its 2016 adjusted EPS outlook to $6.45 to $6.60 from a previous $6.30 to $6.60. It also lifted the low end of its sales outlook to $57 billion to $58 billion from a previous $56 billion to $58 billion. It said expectations for EPS and organic sales were being provided on an adjusted basis as the corresponding GAAP measures are not "reasonably available due to uncertainty as to potentially significant items of a non-recurring and/or non-operational nature." Shares were not yet active in premarket trade, but are up 9% in the year so far, while the Dow Jones Industrial Average has gained 6%.
Copyright © 2016 MarketWatch, Inc.
Continue Reading Below