United Technologies Backs 2016 Outlook; Sees FY17 Sales Below View

(RTTNews) - United Technologies Corp. (UTX) said that it reaffirmed 2016 adjusted earnings per share expectations of $6.55 to $6.60 and sales of $57 to $58 billion, with both reported and organic year over year sales growth of 2 to 3 percent.

Analysts polled by Thomson Reuters expect the company to report earnings of $6.60 per share and revenues of $57.3 billion. Analysts' estimates typically exclude special items.

The company expects adjusted earnings per share for 2017 to be in the range of $6.30 to $6.60 and sales of $57.5 billion to $59 billion, with organic sales growth of 2 to 4 percent. Wall Street currently is looking for fiscal year 2017 earnings of $6.58 per share on annual revenues of $59.17 billion.

"We are on track to deliver 2016 results toward the higher end of the EPS range we provided last December. In 2017, we expect an increase in organic sales growth and solid cash generation, despite a slow growth macro-environment and continued investments in the aerospace ramp-up," said UTC Chairman and Chief Executive Officer Gregory Hayes.

"We remain confident in our 2020 outlook of mid to high single-digit organic sales growth. The investments we continue to make in our strong portfolio of industry leading businesses position UTC to deliver sustainable value for our shareholders and customers well into the future," Hayes said.