NEW YORK (TheStreet) -- United Technologies (UTX) - Get Report reported earnings for second quarter 2016 before today's open with adjusted earnings per share of $1.82, beating Wall Street expectations of $1.68 per share.
CEO Gregory Hayes believes the company is receiving a boost from its new engine, despite a slow global environment.
"Pratt & Whitney had 4% organic growth, our aerospace systems business had 2% growth. The commercial side was really hurt by slow growth in China where we saw orders for new equipment down about 14%," Hayes said on CNBC's "Squawk on the Street."
The Pratt & Whitney geared turbofan engine has 8200 orders, up from about 1000 year-to-date, and Hayes says that is because "operators love the engine."
"It's got 16% better fuel burn, 50% lower emissions, 75% lower noise," Hayes noted: "It's got a great future and we made a big bet, $10 billion to develop it, but it's going to pay off now."
Additionally, Hayes commented on the need to promote free trade in the United States' political and corporate environments.
"We export about $10 billion a year, primarily on the aerospace side, and that $10 billion of sales is 40,000 of the highest paying jobs in corporate America," Hayes said.
With talk in the political sphere about "trade barriers and tearing up trade agreements," Hayes says to "think about the impact that would have to some of the best jobs."
"We're focused on what we can control, but at the end of the day we're going to do the right thing for the business long-term," Hayes added.
Shares of United Technologies are up 2.54% to $107.31 in early afternoon trading today.
Separately, TheStreet Ratings team rates United Technologies as a "buy" with a ratings score of B.
This is driven by a few notable strengths, which TheStreet Ratings team believes should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks TheStreet Ratings covers. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. TheStreet Ratings feels its strengths outweigh the fact that the company has had sub par growth in net income.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: UTX