United Technologies posted fourth-quarter results that were largely in-line with analysts' forecasts and reiterated its 2017 earnings estimate.
The owner of Pratt & Whitney engines and Otis elevators said earnings for the three months ended in December came in at $1.56 a share, bang in line with analysts forecasts and up 2% from the same period last year. Revenue for the period was $14.7 billion, the company said, again meeting analysts expectations and a 3% increase from the final three months of 2015.
The Framington, Conn.-based group said it expects full-year 2017 earnings to come in between $6.30 and $6.60 a share based on sales of $57.5 billion to $59 billion.
"We remain confident in the 2017 expectations we laid out in December," said United Technologies CEO Greg Hayes. "Despite an uncertain global macro environment, our growing aerospace backlog and strategic investments in the commercial businesses position us well to generate higher organic growth in 2017, and we remain on track to our 2020 targets."
"UTC remains focused on innovation for growth, execution, structural cost reduction, and disciplined capital allocation," Hayes added.
Pratt & Whitney sales were reported at $3.992 billion, the company said, with operating profit of $409 million for the division over the quarterly period with an operating profit margin of 10.2%. Otis Elevators notched $3 billion in sales and generated $516 million in operating profit with a margin of 16.8%, down from 17.5% in the fourth quarter of 2015.
United Technologies shares closed at $111.61 in New York on Tuesday, up 1.15%. The stock has posted a three-month gain of 12.14%.