United Technologies Beats Estimates By a Penny, Guides 2010 Inline (UTX)
1/27/2010-United Technologies (NYSE:UTX) reported Q4 EPS of $1.15, topping consensus estimates by a penny.
Revenues in the quarter fell by 4.5% year-over-year to $14.1 billion, but came in ahead of consensus estimates of $13.8 billion.
Share repurchase in the quarter was $320 million and totaled $1.1 billion for the year. Acquisition spending was $703 million for the year with $146 million in the fourth quarter.
"Year over year order rates have remained stable, although at low levels, and we saw increases in some Asian economies, notably China," Louis Chenevert, UTC Chairman & Chief Executive Officer said. "While order rates will keep pressure on our top line, particularly in the first half of 2010, we anticipate that benefits from structural cost actions will allow us to deliver earnings growth of 7 percent to 13 percent with 2010 earnings per share of $4.40 to $4.65."
Analysts, on average, were expecting 2010 EPS of $4.60 on sales of $54.5 billion.