Shares of United Technologies Corp. (NYS:UTX) are up 2.7% in premarket trading Tuesday after the company beat earnings expectations for the second quarter and increased its full-year outlook. The company reported net income of $1.9 billion, or $2.20 a share, down from $2.05 billion, or $2.56 a share, a year earlier. On an adjusted basis, the company also posted earnings per share of $2.20, up from $1.97 a year prior. Analysts surveyed by FactSet had been modeling $2.05 in adjusted EPS. United Technologies saw second-quarter sales of $19.63 billion, up from $16.71 billion a year earlier. Analysts had been projecting $19.55 billion in net sales. The company now projects full-year adjusted EPS of $7.90 to $8.05, up from a prior range of $7.80 to $8.00. United Technologies also projects that organic sales will rise by 4 to 5 percent for the full year. Its earlier forecast was for 3 to 5 percent. Its shares have climbed 25% so far this year, as the Dow Jones Industrial Average (DOW:DJIA) has increased 16%.
July 23, 2019, 7:11 a.m. EDT