United Technologies (UTX, Financial) reported its second quarter earnings results before the opening bell on Tuesday, July 26. The industrial company beat analysts’ average estimate for revenue and earnings. For the second quarter, revenue was $14.87 billion, beating estimates by $200 million. Second quarter earnings per share were $1.82, beating estimates by 14 cents.
Revenue for the quarter increased 1.2% from the comparable quarter. Revenue growth was led by Pratt & Whitney, which increased 3.7% from the comparable quarter. Pratt & Whitney accounted for 26% of revenue at $3.7 billion.
Earnings per share gained 9% year over year for United Technologies in the second quarter. The UTC climate, controls and security business segment increased its operating profit by 5.95%, helping earnings for the quarter. A focus on cost was also a major factor for the quarter. Cost reductions helped the company’s earnings overall, which finished the quarter at $1.82 per share.
In a CNBC report following the company’s second quarter earnings, United Technologies’ Chief Executive Officer, Gregory Hayes had the following comments about the company’s cost reductions and quarterly results.
Disclosure: I do not own any shares of United Technologies.
