United Technologies on Tuesday reported earnings and revenue that beat analysts' estimates and the aerospace giant also lifted its full-year guidance on strong demand for its aerospace defense systems.
United Technologies posted adjusted second-quarter earnings of $1.9 billion, or $2.20 a share, down from $2.05 billion, or $2.56 a share, in the second quarter of 2018 but above the FactSet consensus estimate of $2.05 a share. Sales came in at $19.63 billion vs. $16.71 billion in the comparable year-ago period though just shy of analysts' estimates of $19.5 billion.
"Looking ahead, we remain on track to establish Otis and Carrier as independent companies in the first half of 2020. We are also excited about the transformational merger with Raytheon that we announced in June, which will create a leading, platform-agnostic aerospace and defense systems company," CEO Gregory Hayes said in a statement.
United Technologies last month announced a $120 billion merger with weapons maker Raytheon (RTN) - Get Report . Raytheon, which makes the Tomahawk and Patriot missile systems for the U.S. military, will own 43% of the combined company, which will be called Raytheon Technologies Corp.
Shares of United Technologies were down 0.2% at $132.73 in mid-trading on Tuesday. The stock has gained 23% since the start of the year.