Tags: United | Tech | US | Defense

United Tech Forecast Reflects Weak US Defense Sales

Thursday, 12 Dec 2013 07:26 PM

United Technologies Corp., which makes Pratt & Whitney jet engines and Black Hawk helicopters, provided an earnings and revenue forecast for 2014 below Wall Street's estimates as it continues to experience cost savings from job cuts.

The diversified manufacturer projected earnings growth of 7 percent to 11 percent for 2014. It sees profit of $6.55 to $6.85 per share on revenue of about $64 billion for 2014. ()

Analysts on average had expected earnings of $6.84 per share on revenue of $66.25 billion in 2014, according to Thomson Reuters I/B/E/S.

The company forecast organic sales in its Sikorksy segment to be up by the low single digits in 2014. The segment reported lower operating profits in the third quarter.

The company expects sales from its U.S. government aersopace segment to reduce 3 percent to 5 percent in 2014, the only segment expected to report a fall in growth.

The company currently expects full-year earnings of about $6.15 per share in 2013, at the upper end of the earnings per share forecast of $6.10 to $6.15 provided in its third quarter results.

Analysts on average had expected earnings of $6.154 per share on revenue of $63.02 billion in 2013, according to Thomson Reuters I/B/E/S.

United Tech has also reduced its headcount by about 2,000 jobs this year.

The company's shares were marginally down at $107.68 in extended trade. The stock closed at $108.09 on the New York Stock Exchange on Thursday.

© 2017 Thomson/Reuters. All rights reserved.

   
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United Technologies Corp., which makes Pratt & Whitney jet engines and Black Hawk helicopters, provided an earnings and revenue forecast for 2014 below Wall Street's estimates as it continues to experience cost savings from job cuts.
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2013-26-12
Thursday, 12 Dec 2013 07:26 PM
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