United Technologies ( UTX) affirmed its 2003 earnings and cash-flow expectations on Friday. The company's earnings forecast falls in line with analysts' estimates.

The diversified manufacturing company said it expects to earn $4.55 to $4.80 a share. On average, analysts expect $4.64 a share. The company earned $4.42 a share last year on revenue of $28.21 billion.

Cash flow from operations, before pension contributions and after capital expenditures, will be about equal to net income, United Technologies said.

The company cautioned, however, that "the residual impact of war in Iraq, acceleration of commercial airline financial distress and slowed global economic growth, including the potential near-term impact of Severe Acute Respiratory Syndrome (SARS), could alter the outlooks."

Shares of United Technologies, Hartford, Conn., were falling 9 cents, to $66.29, in midday New York Stock Exchange trading.