United Technologies Corp. cuts its aerospace outlook
United Technologies Corp., which agreed on Monday to sell its Sikorsky helicopter business, cut its full-year profit outlook on Tuesday as it warned of pressures in its aerospace systems and Otis elevators businesses.
United Tech, whose shares fell 4.1 per cent after the company also reported second-quarter results, on Monday said it would sell its Sikorsky helicopter unit to Lockheed Martin for $9 billion, after saying in June it planned to exit the business following a strategic review.
Excluding Sikorsky, United Tech now expects earnings from continuing operations in a range of $6.15 to $6.30 per share this year, down from the prior range of $6.35 to $6.55 per share. | READ MORE