United Technologies: End Markets Are Helping, but There's Still Work to Do
On the whole, United Technologies Corporation's (NYSE: UTX) earnings were a net positive, but they still left investors with plenty of answered questions. Although management raised full-year sales and earnings guidance, the reasons behind it --strengthening end markets -- was largely anticipated following earlier results from companies such as Honeywell International (NYSE: HON). It's the company-specific commentary that may have left investors concerned.
Going into the earnings report, there were three things likely to have a positive impact on United Technologies' earnings.
First, China's GDP growth was 6.9% in the first two quarters, compared with 6.7% in 2016 and the parliament's target for 6.5%, and it showed in the earnings for industrial companies such as Honeywell and Illinois Tool Works, whose China revenue was up 13.4%. Although Honeywell doesn't formally break out its growth by region its home and building technologies segment had growth "well North of 20%" in the quarter according to CEO Darius Adamczyk. , he went on to describe Honeywell's growth in China as being "spectacular" in the quarter. This is all good news for United Technologies, as winning market share for new equipment sales with Otis in China is a key aim.
Source: Fool.com
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