United Technologies Raises Outlook for 2018 After Topping Q1 Estimates
United Technologies Corporation (UTX) creates smart, sustainable solutions that are used to provide high-technology systems and services to both the building and aerospace industries.
United Technologies reported earnings per share of $1.77 for 2018 Q1, surpassing the estimates of $1.55 per share and increasing 20 percent from the year before. The technology company saw growth in adjusted operating profit across all four of its business units, as well as a raised sales and adjusted EPS outlook for the 2018 fiscal year.
Sales increased 10% from Q1 2017 to $15.2 billion that also included 6% organic growth.
Net income for the quarter was reported at $1.3 billion which was down 6% from Q1 2017. Capital expenditures totaled $337 million and cash flow from operations equaled $453 million.
“We are off to a solid start in 2018. Sales were up 10 percent, including 6 percent organic growth which represented our strongest first quarter organic growth rate since 2011, with all four businesses contributing. Our focus on innovation and execution is clearly paying off. Based on a strong first quarter performance and solid fundamentals at each of our businesses, we are raising our 2018 sales outlook to a range of $63 to $64.5 billion and raising our adjusted EPS outlook range to $6.95 to $7.15.* We remain committed to executing on our strategic priorities and are well positioned to deliver sustainable long-term shareowner value.” -UTC Chairman and Chief Executive Officer Gregory Hayes