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United Tech cuts 2015 forecasts on currency worries

United Technologies on Monday cut its full-year outlook because of the negative impact of a stronger dollar even as the U.S. conglomerate reported higher quarterly earnings on a rise in profit at its aerospace businesses.

The diversified manufacturer of Pratt & Whitney jet engines and Otis elevators also posted fourth-quarter revenue just shy of Wall Street's target.

United Technologies said fourth-quarter net income rose 0.7 percent to $1.47 billion from the same period a year ago. Earnings of $1.62 per share matched the average estimate of analysts, according to Thomson Reuters I/B/E/S.

Revenue rose 1.4 percent to $17 billion. Analysts were looking for $17.13 billion.

The company said it expected 2015 earnings in a range of $6.85 to $7.05 per share, down from its prior range of $7.00 to $7.20.

The company also forecast 2015 sales in a range of $65 billion to $66 billion. In December, it projected $66 billion to $67 billion in sales for this year.

Analysts have been looking for earnings of $7.19 per share on sales of $67.02 billion.

Chief Executive Officer Greg Hayes pointed to the strengthening of the U.S. dollar for the change in forecast, but said in a statement that "our business fundamentals and operational expectations have not changed."

United Tech shares fell 2.3 percent in after-hours trading.