HARTFORD, Conn. (AP) — Aerospace conglomerate United Technologies Corp. reported Tuesday its second-quarter earnings rose 7.7 percent, beating Wall Street expectations.
The maker of elevators, helicopters, jet engines and other products raised the low end of its 2014 earnings outlook, citing strong results in the first half of the year.
The Hartford company's profit increased to $1.68 billion, or $1.84 per share, from $1.56 billion, or $1.70 per share, in the same quarter a year earlier. The average per-share estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.79.
Revenue climbed 7.4 percent to $17.19 billion from $16.01 billion in the same quarter a year ago, and beat Wall Street forecasts. Analysts expected $16.68 billion, according to Zacks.
For the full year, the company now expects earnings between $6.75 per share and $6.85 per share, slightly higher from its previous guidance between $6.65 per share and $6.85 per share. Analysts expect earnings of $6.85 per share for the year, according to a poll by FactSet.
Chief Financial Officer Greg Hayes told investor analysts on a conference call that an engine fire last month in the Pentagon's new-generation F-35 fighter is "certainly disappointing," but the engines go through rigorous testing.
"The good news is that the issues are unrelated, and in the big picture the fixes will be relatively minor," he said.
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