United Technologies reiterates 2008 guidance

HARTFORD, Conn. - The chief financial officer of manufacturer United Technologies Corp. on Wednesday reiterated the company's full-year earnings outlook.

CFO Greg Hayes, speaking at the Goldman Sachs Industrials Conference, said the company still anticipates a profit of between $4.90 and $4.95 per share for the year. "We're still very comfortable with that range," he said.

However, because the value of the euro has been sliding, United Technologies expects profit will probably be "toward the middle, maybe even the low end of the range," Hayes said.

"FX is a big headwind and will be next year," he said.

Shares fell $3.58, or 6.3 percent, to close at $53.67.

United Technologies, the Hartford, Conn.-based parent company of Otis elevator, Sikorsky Aircraft, jet engine maker Pratt & Whitney and other manufacturers, initially offered the guidance as it released its third-quarter earnings last month. It had raised the low end of its forecast from a July projection of $4.80 to $4.95 per share.

Also last month, the company forecast annual revenue of $60 billion.

Analysts surveyed by Thomson Reuters expect per-share earnings for the year of $4.94, with revenue of $59.5 billion.

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