UTC backs annual earnings outlook

Hartford-based United Technologies Corp. is reaffirming its previously issued earnings forecast for full year 2008, in line with current Wall Street expectations, according to RTTNews.

UTC continues to see earnings in the range of $4.90 to $4.95 per share for the year.

On average, 15 analysts polled by Thomson Reuters currently expect earnings of $4.94 per share for the year, RTTNews reported today. Analysts' estimates typically exclude one-time special items.

In October, UTC said it was raising the bottom end of earnings per share from $4.80, in the range of $4.90 to $4.95, up 15 percent to 16 percent above 2007 earnings per share, based on its strong performance in the first three quarters of the year.

For full year 2007, UTC earned $4.2 billion, or $4.27 per share, an increase of 15 percent and 13 percent, respectively, from 2006 results. Revenues increased 14 percent to $54.8 billion from the previous year.

At 11 a.m., UTC shares traded at $48.52, down 80 cents, or 1.6 percent.