Categories Earnings, Industrials, LATEST

United Technologies (UTX) Q4 profit jumps 67% beats estimates

United Technologies Corp. (NYSE: UTX) reported a 67% jump in earnings for the fourth quarter of 2019 helped by lower income tax expense as well as higher top-line growth. The results exceeded analysts’ expectations.

Net income jumped by 67% to $1.1 billion and earnings climbed by 59% to $1.32 per share. Adjusted earnings declined by 1% to $1.94 per share.

United Technologies (UTX) Q4 2019 Earnings Review

Net sales rose by 8% to $19.6 billion. This includes 1 point of organic sales growth and 8 points of net acquisition benefit, offsetting 1 point of foreign exchange headwind.

Analysts had expected earnings of $1.84 per share on revenue of $19.38 billion for the fourth quarter.

Looking ahead into the full year 2020, the company expects Pratt & Whitney sales to be up in the mid-single-digit range versus 2019 and Pratt & Whitney adjusted operating profit growth of $225-275 million. Given the upcoming portfolio actions, the outlook for sales, adjusted EPS and free cash flow for Raytheon Technologies will be provided after the merger closes.

Collins Aerospace sales are expected to be down in the low-single-digit range versus 2019, including an estimated 5 point headwind resulting from the suspension of 737 MAX production, lower ADS-B mandate sales and the expected impact of divestitures associated with the Raytheon merger. Collins Aerospace adjusted operating profit is predicted to be down $275-325 million.

For the fourth quarter, Collins Aerospace’s commercial aftermarket sales were up 42% and up 9% organically. On a pro forma basis, Collins Aerospace commercial aftermarket sales were up 11% including Rockwell Collins. Pratt & Whitney’s commercial aftermarket sales were flat, following 11% growth in 2018. Equipment orders at Carrier were down 4% organically. Otis new equipment orders were up 3% at constant currency in the quarter and flat on a rolling twelve-month basis.

Read: Fastenal Q4 earnings review

Collins Aerospace continued to deliver strong performance and achieved approximately $300 million in cost synergies during 2019, remaining on track to deliver at least $600 million in cost synergies by year four.

Otis completed one of the largest and most complex modernization projects to date at the Empire State Building, including the installation of a custom-made Gen2 glass elevator. Carrier continued its commitment to innovation, launching more than 100 new products for the fifth year in a row.

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

What to look for when CVS Health (CVS) reports Q3 earnings

Healthcare company CVS Health Corporation (NYSE: CVS) is all set to report earnings next week, with Wall Street expecting a mixed outcome. The company has been facing challenges in certain

eBay (EBAY): A few factors that helped drive growth in Q3 2024

Shares of eBay Inc. (NASDAQ: EBAY) stayed green on Friday. The stock has gained 32% year-to-date. The ecommerce leader delivered revenue and earnings growth for the third quarter of 2024,

CVX Earnings: Chevron reports lower revenue and profit for Q3 2024

Energy exploration company Chevron Corporation (NYSE: CVX) on Friday announced third-quarter 2024 financial results, reporting a decline in net profit and revenues. Net income attributable to Chevron Corporation dropped to

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top