United Technologies Corp. (NYSE: UTX) reported earnings that beat analyst estimates, but also had to lower its full-year profit outlook due to a slowing economy in Europe and a weaker currency.
The company’s net income was $1.33 billion, or $1.62 a share, up from $1.32 billion, or $1.41 a share, in the year-earlier period. Analysts were expecting earnings of $1.41 a share in the second-quarter, according to averages compiled by Thomson Reuters.
Revenue for United Technologies was 13.81 billion in the second quarter, down from $14.41 in the same quarter a year ago. Analysts were expecting revenue of $14.44 billion. Sales in the UTC Climate, Controls & Security division, the company’s biggest revenue generator, fell to $4.57 billion in the quarter, down from $5.14 billion in the year-ago period.
The company lowered its full-year profit target to between $5.25 and $5.35 a share, down from between $5.30 and $5.50 previously.
United Technologies also received approval from the European Commission for its $16.5 billion acquisition of Goodrich Corp. (NYSE: GR). To fund this, the company announced Wednesday it was selling several industrial-products divisions for $3.46 billion on top of a previously announced sale of its wind power unit for $550 million.
Shares of United Technologies were up 3.04% to $74.82 in early trading. The 52-week high is $87.50.