July 24, 2018

UTC 2Q nets $2B; raises outlook

HBJ File Photo
HBJ File Photo

Farmington conglomerate United Technologies Corp. said its second-quarter profits rose to $2 billion as a result of investments in innovation.

For the quarter ended June 30, the maker of Otis Elevators, Carrier Air conditioners and Pratt & Whitney jet engines, reported net income of $2 billion, or 1.97 a diluted share, vs. $1.4 billion, or 1.80 a diluted share, it recorded in the year-ago period. That represents a 42 percent jump in profits from the second quarter in 2017.

Excluding its $1 billion sale of Taylor Co., a global manufacturer of beverage and food equipment such as ice cream dispensing equipment, net income was $1.5 billion.

UTC's net sales reached $16.7 billion, up 9 percent from $15.3 billion in the second quarter of 2017.

Sales were up 16 percent for Pratt & Whitney and 9 percent for UTC Aerospace Systems. UTC Climate, Controls & Security and Otis reported a 7 percent sales hike.

"This was our fourth consecutive quarter of delivering organic sales growth of 5 percent or better, which is a result of our investments in innovation across the portfolio. Earnings and free cash flow were also strong in the quarter," UTC CEO and Chairman Gregory Hayes said.

UTC raised its 2018 earnings projections to the range of $63.5 billion to $64.5 billion,

UTC expects to close its merger with Iowa avionics manufacturer Rockwell Collins in a deal worth $30 billion during the third quarter.

If approved by regulators, Rockwell Collins will combine with UTC Aerospace Systems to create a new United Technologies business called Collins Aerospace Systems.

Free E-Newsletters

Sign up now for our daily and weekly
e-newsletters! Click Here

Today's Poll Can Hartford become a hub for insurance technology (insurtech) startups?<>
Most Popular on Facebook
Copyright 2017 New England Business Media