United Technologies Increases Sales in Q2 of Fiscal 2016

Sales are up 1% to $14.9 billion, while adjusted earnings per share rose to $1.82.

FARMINGTON, Conn. — United Technologies (UTC) reports a 1% increase in sales and its adjusted earnings per share (EPS) rose 9% for the second quarter of fiscal year 2016, according to the company’s release on Tuesday.

Sales were $14.9 billion for the quarter, with 1 point of organic and 1 point of net acquisition growth offset by 1 point of unfavorable foreign exchange, the release says. UTC’s adjusted EPS was $1.82 for the quarter.

The company also reported net income was down 3% to $1.4 billion.

“United Technologies had a solid first half of the year with 2% organic sales growth, and we remain on track to meet our growth targets for 2020,” UTC President and Chief Executive Officer Gregory Hayes says. “We delivered strong cash flow, led by exceptional cash generation in the commercial businesses, even while we continued to invest in the aerospace ramp. As a result of our solid financial performance through the second quarter, we are raising the low end of our 2016 adjusted EPS outlook by 15 cents to $6.45 to $6.60 per share, on increased sales of $57 to $58 billion.”

Check out the rest of the financial results from the quarter in the full release.

If you enjoyed this article and want to receive more valuable industry content like this, click here to sign up for our FREE digital newsletters!

Security Is Our Business, Too

For professionals who recommend, buy and install all types of electronic security equipment, a free subscription to Commercial Integrator + Security Sales & Integration is like having a consultant on call. You’ll find an ideal balance of technology and business coverage, with installation tips and techniques for products and updates on how to add to your bottom line.

A FREE subscription to the top resource for security and integration industry will prove to be invaluable.

Subscribe Today!

Get Our Newsletters