United Technologies Backs 2014 Outlook; Plans To Raise Share Repurchase Levels

(RTTNews) - Diversified conglomerate United Technologies Corp. (UTX) on Wednesday reaffirmed its earnings and revenue guidance for the full-year 2014. However, the company's forecast for the year remains slightly below analysts' expectations. The company was reaffirming its guidance for fiscal 2014 in advance of a meeting with investors later in the day.

Earlier, the company had raised its outlook for the year twice in April, and July 2014 after twice reaffirming it in January and March 2014.

The Hartford, Connecticut-based parent company of jet engine manufacturer Pratt & Whitney, Otis elevator, and Sikorsky aircraft reaffirmed its earnings outlook for the full-year 2014 in the range of $6.75 to $6.85 per share. This represents a 9 to 10 percent growth from the prior year.

On average, 18 analysts polled by Thomson Reuters expect earnings of $6.86 per share for the full-year 2014. Analysts' estimates typically exclude special items.

The company also continued to anticipate full-year revenues of about $65 billion. Nineteen Wall Street analysts have a consensus revenue estimate of $65.36 billion for the year.

Further, the company noted that it plans to increase the level of share repurchases for the year to $1.35 billion from the previously announced $1.25 billion.

While reporting its financial results for the second quarter back in July, UTX had raised its forecast for fiscal 2014, citing solid backlogs, organic growth trends, and focus on execution.

The company then reported an eight percent increase in profit for the second quarter, reflecting strong sales growth at three of its five business segments. Net sales for the quarter grew 7 percent to $17.2 billion from last year. The company saw its fourth consecutive quarter of organic sales growth, along with strong margin expansion.

The industrial conglomerate currently operates under five segments such as Otis, UTC Climate, Controls & Security, Pratt & Whitney, UTC Aerospace Systems, and Sikorsky segments.

In Wednesday's regular trading session, UTX is currently trading at $109.40, down $0.28 or 0.26% on a volume of 0.33 million shares.