United Technologies' Stock Drops After Downbeat Profit, Sales Outlook

Shares of United Technologies slumped 2.1% in after-hours trade Monday, after the industrial conglomerate cut its 2015 profit and sales outlook, citing the continued negative effects of a strengthening dollar and pension discount rate headwinds. For the quarter ended Dec. 31, earnings rose to $1.47 billion, or $1.62 a share, from $1.45 billion, or $1.58 a share, in the year-earlier period. The latest results include restructuring costs of 9 cents a share and 17 cents a share of unfavorable non-recurring items. Analysts surveyed by FactSet were expecting, on average, earnings per share of $1.62. Revenue rose 1% to $17 billion, just shy of analyst forecasts of $17.12 billion. For 2015, the company lowered its earnings-per-share outlook to a range of $6.85 to $7.05 from $7 to $7.20, and its revenue view to $65 billion to $66 billion from $66 billion to $67 billion. The stock, a component of the Dow Jones Industrial Average, has run up 14% over the past three months through Friday, while the Dow has gained 5.2%.