United Technologies Sees Weak FY14 - Update

(RTTNews) - Defense contractor United Technologies Corp. (UTX), Thursday said it expects full year 2013 earnings to be at the higher end of its outlook. However, the company detailed a weak outlook for the next year, which is indicated to miss current Wall Street expectations.

United Technologies, which makes Pratt & Whitney jet engines and Black Hawk helicopters, expects full-year 2014 earnings of $6.55 to $6.85 per share with sales of about $64 billion. Analysts polled by Thomson Reuters currently expect earnings of $6.84 per share on revenues of $66.25 billion for the full year 20114.

United Technologies now sees full year 2013 earnings of about $6.15 per share, at the high end of its prior outlook of $6.10 to $6.15 per share. Analysts currently expect fiscal year 2013 earnings of $6.15 per share.

Meanwhile, the Hartford, Connecticut-based company continues to see sales of about $63 billion. Analysts now see revenues of $63.07 billion for 2013.

CEO Louis Chenevert said, "2013 has been a strong year for United Technologies. Our focus on integration and execution will allow us to deliver earnings growth of 15 percent, even in the face of a challenging macroeconomic environment. With solid orders momentum exiting the year, we expect further acceleration in 2014 across the majority of our businesses."

UTX closed Thursday's trading at $108.09, down $0.57 or 0.52%, on the NYSE. The stock further dropped $1.09 or 1.01% in after-hours trade.