United Technologies Corporation (NYSE:UTX) Beats Street On EPS And Revenues

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United Technologies Corporation (NYSE:UTX) has reported Q2 EPS and total revenue that topped analyst predictions based on an increase in new equipment orders. The company has also increased the lower end of full-year EPS guidance based on its order backlog.

Q2 earnings per share of $1.84 were up from $1.70 in Q2 2013 and beat analyst estimates of $1.71. Sales of $17.19 billion were up from $16.00 million in Q2 2013 and surpassed analyst projections of $16.84 billion. The company has increased the lower end its 2014 EPS range, now expecting EPS of $6.75 to $6.85, up from $6.65 to $6.85 previously.

Otis new equipment orders increased 3% over the year ago second quarter at constant currency, led by 44% growth in North America. Equipment orders at UTC Climate, Controls & Security increased 2% organically. Large commercial engine spares orders were down 6% at Pratt & Whitney and commercial spares orders increased 28% at UTC Aerospace Systems.

“With earnings up 11%, excluding the impact of restructuring and one-time items, UTC delivered a strong first half of the year,” said Louis Chenevert, UTC Chairman & Chief Executive Officer. “Our solid backlogs, organic growth trends, and focus on execution give us confidence to increase the lower end of our earnings per share range.”

As a result of increased working capital investment to support the aerospace upcycle, the company now anticipates 2014 cash flow from operations less capital expenditures to range from 90-100% of net income attributable to common shareowners. In addition, UTC now expects share repurchase of $1.25 billion and acquisitions of less than $1 billion for the year, from the previous expectation of $1 billion each.

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