UPDATE: United Technologies Posts Upbeat Q2 Results, Lifts Full-Year Forecast

United Technologies

reported better-than-expected second-quarter results and lifted the lower-end of its earnings forecast for the full year. The Hartford, Connecticut-based company posted its quarterly earnings of $1.68 billion, or $1.84 per share, up from $1.56 billion, or $1.71 per share, in the year-ago period. Its EPS rose 8% to $1.84 in the quarter. However, EPS excluding restructuring and one-time items climbed 12%. Its sales rose 7% to $17.2 billion. However, analysts were expecting earnings of $1.70 per share on sales of $16.86 billion. Otis new equipment orders rose 3% y/y, while large commercial engine spares orders declined n 6% at Pratt & Whitney and commercial spares orders rose 28% at UTC Aerospace Systems. Louis Chenevert, UTC Chairman & Chief Executive Officer said, "Our focus on growth opportunities and execution in our core markets resulted in another solid quarter." United Technologies now projects full-year earnings of $6.75 to $6.85 per share, versus its earlier outlook of $6.65 to $6.85 per share. United Technologies shares fell 0.52% to close at $112.98 yesterday.