Stocks Drop After United Technologies Posts Lower Revenue, Profit

United Technologies Corp. posted second-quarter declines in revenue and profit as a strong dollar cut exports and other factors. It also reduced its 2015 outlook on Otis elevator sales in Europe and China's slowing economy.

Its stock dropped almost 6 percent in morning trading Tuesday.

CEO Greg Hayes said he's "beyond disappointed" with the quarterly performance.

The Hartford, Connecticut, conglomerate reported revenue of $16.33 billion, down 5 percent from the year-ago period. Earnings fell 8 percent to $1.54 billion, or $1.73 per share.

Its adjusted earnings amounted to $1.81 per share, exceeding Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was $1.71 per share.

United Technologies cut its 2015 revenue outlook to between $57 billion and $58 billion from $58 billion to $59 billion. It also reduced its outlook on UTC Aerospace Systems and Otis elevator.

Its shares dropped $6.49, or 5.9 percent, to $103.99 in morning trading.

Copyright AP - Associated Press
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