| As of Friday, August 14th: |
Since the start of the quarter, the Q2 growth rate has risen from -31.7% to -28%. (Data provided by Thomson Reuters)
LATEST EARNINGS RESULTS
- AIG Awards New CEO $7 Million Annual Salary
- UK Inflation Holds Steady at 1.8% in July
- London Bankers' Pay Rises 6% in July: Study
- Four Signs the Selloff Could Be Start of a Correction
- China Everbright Securities Jumps on Shanghai Debut
- One Newspaper Succeeds Despite Shunning the Internet
- Brokerage CLSA Aims for Joint Venture China Fund
- Why This Economic Recovery Is On Such Shaky Ground
- CIT Posts Loss, Completes Debt Exchange
- Spielberg's Dreamworks finally closes $325 m of Wall Street Financing
- Yang's Big Win A Mixed Bag For Sponsors
- Pros Say: Stocks to Rise Again After Summer
- Palm Responds to Privacy Concerns
- Outstanding or Out ... Standing?
- Builders Fight Credit Crunch
- Volatility to Increase in Coming Months: Trader
- DirecTV's NFL Sunday Online and TV's Future?
- 4 REIT Stocks With 'Buy' Ratings: Strategist
|
CNBC'S MOST SHARED
- Michael Vick Signing: Winners & Losers
- US Builds Crime Cases on Clients of UBS
- How Many Soccer Players Does it Take to Put On a T-Shirt?
- Dollar Bulls May Gain Upper Hand: Forex Analyst
- Existing-Home Sales Rise, Helped by Lower Prices
- Cramer: Citigroup Is 'Red Hot'
- More Workers Are Increasing Retirement Savings: Fidelity
- Stocks Gain 1.3% After Fed's 'Rosy' Outlook
- Consumer Confidence Stronger in August: Survey
- Second Stimulus Needed to Avoid Lost Decade: Krugman
Text Size 
United Technologies posted a 23 percent drop in profit and lowered its 2009 forecast as it faces weaker-than-expected orders for equipment used in large buildings and aircraft.
The world's largest maker of elevators and air conditioners said Tuesday that cost cuts were starting to pay off and its rate of order decline appeared to stabilizing. Second-quarter earnings were slightly higher than analyst expectations.
 |
The company, which also makes jet engines and helicopters. looks for full-year earnings of $4 to $4.20 per share, down from a prior range of $4 to $4.50. Wall Street is more bearish, on average looking for $4.10 per share.
United Tech [UTX
Loading...
()
] expects profits to grow next year due to cost cutting, Chief Financial Officer Greg Hayes told investors on a conference call.
"We do not anticipate a significant economic recovery in 2010," Hayes added.
EPS Beats Estimates
Second-quarter profit fell to $976 million, or $1.05 per diluted share, from $1.275 billion, or $1.32 per share, a year earlier. Analysts looked for $1.04 per share.
Revenue dropped 17 percent to $13.2 billion from $15.9 billion.
The revenue decline was steeper than analysts expected, Deutsche Bank analyst Nigel Coe wrote in a note to clients. The company lowered its full-year revenue forecast to $53 billion from $55 billion.
CFO Hayes said he expected the company to be more aggressive in buying back its shares in the second half of the year.
The stock fell 81 cents, or 1.5 percent, to $54.16 on the New York Stock Exchange. Over the past 12 months it is down 17 percent, while the Dow Jones industrial average is off 23 percent.
The Hartford, Connecticut-based company is facing slumps in two key end markets: commercial construction and aviation.
Its competitors include Eurocopter, a unit of EADS in helicopters, General Electric [GE
Loading...
()
] in jet engines and ThyssenKrupp in elevators. GE is the parent of CNBC and CNBC.com.
- Lowe's Shares Take Hit as Profit, Guidance Disappoint
Profit at Lowe's, the second-largest home improvement retailer in the US, fell 19 percent in the second quarter, missing analysts' expectations, the company said Monday.
- JCPenney Beats, But Year Could Be Tough
JCPenney posted a smaller-than-expected net loss as the retailer kept a tight lid on costs, but signaled results could miss expectations later this year, sending its shares lower.
- Abercrombie & Fitch Posts Loss as Sales Slump
Abercrombie & Fitch reported a quarterly loss as sliding sales, higher markdowns and increased costs weighed on the teen-apparel retailer.
- Lowe's Shares Take Hit as Profit, Guidance Disappoint
- Nordstrom Meets Street, Raises Guidance
Nordstrom posted a steep decline in quarterly profit Thursday that nevertheless met Wall Street's expectations, as the upscale department store chain controlled inventory and expenses to offset languishing sales.
- Nordstrom Meets Street, Raises Guidance
- Wal-Mart Profit Tops Street; Same-Store Sales Lower
- Kohl's Sees Weakness Ahead; Shares Fall
- Monsanto Affirms Full-Year Profit Outlook
- Dr Pepper Snapple Profit Tops View; Outlook Raised
- SingTel Profit Rises 10.3%, Below Consensus
- Australia's Telstra Sees Challenging Year Ahead
- Macy's Tops Profit Forecast, Disappoints on Outlook
- Sara Lee Posts $14 Million Loss in Fiscal Fourth Quarter
- Applied Materials Expects to Break Even This Quarter
- Dynegy to Sell Assets, Plans Job Cuts
- Hormel Foods To Boost its 2009 Profit Forecast
- Nortel's CEO to Step Down, Board of Directors to Shrink
- Berkshire Swings to Profit in Second Quarter
- AIG Posts First Profit in 7 Quarters
- Fannie Mae Asks for More Aid After Sharp Loss
Data is a real-time snapshot *Data is delayed at least 15 minutes