NEW YORK (TheStreet) -- Shares of United Technologies Corp. (UTX) are down by 2.59% to $114.56 at the start of trading on Monday morning, after the company issued updated 2015 earnings guidance that was below its previous estimate and analysts' expectations.
The company, which supplies high tech products and services to the aerospace and defense industry, said its full year earnings, excluding its Sikorsky Aircraft business, is anticipated to be between $6.35 and $6.55 per share.
Analysts have forecast for full year earnings of $7 per share.
Including Sikorsky the company is expecting earnings of $6.55 to $6.85 per share, below its previous range of $6.85 to $7.05 per share for the full year.
Additionally, United Technologies announced this morning that it is going to pursue the separation of its Sikorsky Aircraft unit. The company will decide by the end of the third quarter whether it will spin off or sell the helicopter unit.
"Our strategic review has confirmed that exiting the helicopter business is the best path forward for United Technologies," company CEO Gregory Hayes said in a statement.
"Sikorsky is the world's premier helicopter company and through a series of strategic wins is well positioned for long-term growth. However, separation of Sikorsky from the portfolio will allow both United Technologies and Sikorsky to better focus on their core businesses," Hayes added.
Insight From TheStreet Research Team: