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.
