United Technologies Paces Dow's Drop as Forecast Misses
United Technologies Corp. (UTX), the maker of Black Hawk helicopters and Carrier air conditioners, dropped the most in more than a month after giving a first-quarter profit forecast below analysts’ estimates.
Earnings per share will be about $1.25, Chief Financial Officer Greg Hayes said at the Hartford, Connecticut-based company’s annual investor meeting. The average of estimates from 21 analysts surveyed by Bloomberg predicts $1.38.
Results will be affected by one-time items that added 11 cents a share to earnings in the same period last year and restructuring that cuts 7 cents this year, Hayes said. Excluding gains and restructuring, first-quarter earnings per share will rise about 5 percent from a year earlier, he said.
The shares fell 2.5 percent to $112.89 at the close in New York, the largest drop since Feb. 3 and the second-biggest decline on the Dow Jones Industrial Average. (INDU)
United Technologies predicted first-quarter sales of $14.5 billion, lower than analysts’ estimates of $14.9 billion. The company reiterated its 2014 earnings forecast of $6.55 to $6.85 a share.