Tags: United | Technologies | Shares | Forecast

United Technologies Shares Slide on Earnings Forecast

Thursday, 13 Mar 2014 05:51 PM

Shares of United Technologies Corp., the maker of Black Hawk helicopters and Carrier air conditioners, dropped the most in more than a month Thursday after the company gave a first-quarter profit forecast below analysts’ estimates.

Earnings per share will be about $1.25, Chief Financial Officer Greg Hayes said at the Hartford, Connecticut-based company’s annual investor meeting. The average of estimates from 21 analysts surveyed by Bloomberg predicted $1.38.

Results will be affected by one-time items that added 11 cents a share to earnings in the same period last year and restructuring that cuts 7 cents this year, Hayes said. Excluding gains and restructuring, first-quarter earnings per share will rise about 5 percent from a year earlier, he said.

The shares fell 2.5 percent to $112.89 at the close in New York, the largest drop since Feb. 3 and the second-biggest decline on the Dow Jones industrial average.

United Technologies predicted first-quarter sales of $14.5 billion, lower than analysts’ estimates of $14.9 billion. The company reiterated its 2014 earnings forecast of $6.55 to $6.85 a share.

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Shares of United Technologies Corp., the maker of Black Hawk helicopters and Carrier air conditioners, dropped the most in more than a month Thursday after the company gave a first-quarter profit forecast below analysts' estimates.
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2014-51-13
Thursday, 13 Mar 2014 05:51 PM
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