Diversified industrial conglomerate United Technologies Corp. (UTX) Thursday detailed a soft outlook for the full year 2013, and also tightened its earnings outlook for the current year.
For the full year 2012, United Technologies now expects full-year 2012 earnings of about $5.32 per share, compared to prior estimate of $5.25 to $5.35 per share. Analysts polled by Thomson Reuters currently expect earnings of $5.32 per share for the year. Analysts' estimates typically exclude one-time items.
New York-based United Technologies continues to expect full-year 2012 sales of about $58 billion. Analysts now expect sales of $57.95 billion for the year.
Looking forward to the full year 2013, the company expects earnings of $5.85 to $6.15 per share and sales of $64 billion to $65 billion. Analysts currently expects earnings of $6.12 per share on revenues of $66.40 billion.
Chief Executive Louis Chenevert said, "In 2013, UTC's reshaped portfolio will be well positioned for accelerated top line growth. We anticipate organic sales growth at each of our five businesses, even with continued softness in Europe and a decline in U.S. defense spending. We expect sales growth, our relentless focus on cost reduction and productivity, and the incremental benefits from our portfolio transformation to drive 10 to 16 percent earnings per share growth in 2013, despite significant pension headwinds."
UTX closed Thursday's trading at $80.37, down $0.63 or 0.78%. The stock further lost $0.95 or 1.18% in after-hours trade.
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