United Technologies Corporation (NYSE:UTX) early Wednesday posted mixed Q4 earnings results and stood by its full-year outlook, as weak Pratt & Whitney unit revenues hampered results.
The Farmington, CT-based building and aerospace systems maker reported Q4 EPS of $1.56, which was in-line with the Wall Street consensus of $1.56. Revenues rose 2.5% from last year to $14.66 billion, falling short of analysts’ $14.71 billion view, however.
UTX noted that Otis new equipment orders rose 3% year-over-year, while orders at the UTC Climate, Controls & Security unit gained 2%. Commercial aftermarket sales fell 6% at Pratt & Whitney, but were up 3% at UTC Aerospace Systems.
Looking ahead, United Technologies reaffirmed its previously announced 2017 guidance. It still expects full-year EPS of $6.30 to $6.60, which straddles analysts’ $6.56 estimate. 2017 revenues are seen rising 1% to 3%, to $57.5 to $59.0 billion, roughly in-line with the $58.8 billion that Wall Street expects for the year.
The company commented via press release:
“We remain confident in the 2017 expectations we laid out in December. Despite an uncertain global macro environment, our growing aerospace backlog and strategic investments in the commercial businesses position us well to generate higher organic growth in 2017, and we remain on track to our 2020 targets,” Hayes added. “UTC remains focused on innovation for growth, execution, structural cost reduction, and disciplined capital allocation.”
United Technologies Corporation shares were unchanged in premarket trading Wednesday. Year-to-date, UTX has gained 1.82%, versus a 1.82% rise in the benchmark S&P 500 index during the same period.