United Tech Sales Fall Short Of Estimates

United Technologies Inc. said Wednesday it had net income of $3.28 billion, or $3.86 a share, in the fourth quarter, up from $1.47 billion, or $1.19 a share, in the year-earlier period. Profit was boosted by gains from the sale of the company's Sikorsky helicopter unit. Adjusted per share earnings came to $1.53, matching the FactSet consensus. Sales fell 5% to $14.3 billion, well below the FactSet consensus of $15.3 billion. "In line with our 2015 strategic priorities, we took decisive actions to streamline our portfolio with the divestiture of Sikorsky and return over $12 billion to shareowners," Chief Executive Gregory Hayes said in a statement. United Tech is still expecting full-year adjusted EPS to range from $6.30 to $6.60 and revenue to range from $56 billion to $58 billion. The company is expecting share repurchases to total $3 billion in 2016, beyond those to be completed under a previously announced $6 billion accelerated buyback program. Shares were not yet active in premarket trade, but are down 28% in the last 12 months, while the Dow Jones Industrial Average has lost 7%.