Stock Monitor: Huntington Ingalls Industries Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 08, 2018 / If you want access to our free earnings report on United Technologies Corp. (NYSE: UTX), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=UTX. The Company posted its first quarter fiscal 2018 (Q1 FY18) financial results on April 24, 2018. The Company's net sales rose 10% y-o-y, beating market consensus forecasts. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
United Technologies reported net sales of $15.24 billion in Q1 FY18, which came in above the $13.82 billion recorded in the prior year's same quarter; topping market expectations of $14.54 billion. The Company's organic sales also rose 6% y-o-y, which was the strongest first quarter organic growth rate since 2011.
For the quarter ended March 31, 2018, the maker of elevators and jet engines posted a net income attributable to common shareowners of $1.30 billion, or $1.62 per diluted share, compared to $1.39 billion, or $1.73 per diluted share, in Q1 FY17. The Company reported an adjusted income attributable to common shareowners of $1.42 billion, or $1.77 per diluted share, in Q1 FY18, up from $1.18 billion, or $1.48 per diluted share, in the prior year's comparable period. Furthermore, Wall Street had expected the Company to report earnings per share (EPS) of $1.51 for Q1 FY18.
For Q1 FY18, the Farmington, Connecticut-based Company's cost of products and services was $11.28 billion versus $10.14 billion in Q1 FY17. The Company's research and development (R&D) expenses came in at $554 million in Q1 FY18 compared to $586 million in the previous year's corresponding quarter. The Company's selling, general, and administrative expenses (SG&A) increased to $1.71 billion during Q1 FY18 from $1.54 billion in Q1 FY17. The Company incurred total costs and expenses of $13.55 billion in Q1 FY18, rising from $12.26 billion in Q1 FY17. Furthermore, the Company's adjusted operating income stood at $2.03 billion, or 13.6% of net sales, in Q1 FY18 versus $1.82 billion, or 13.6% of net sales, in Q1 FY17.
For Q1 FY18, United Technologies' Otis segment's net sales grew to $3.04 billion from $2.80 billion in Q1 FY17. The segment's adjusted operating profit was $476 million, or 15.7% of segment net sales, during Q1 FY18 versus $452 million, or 16.1% segment net sales, in the prior year's same quarter.
The Company's UTC Climate, Controls & Security segment's net sales increased to $4.38 billion in Q1 FY18 from $3.89 billion in the year ago comparable quarter. However, the segment's adjusted operating profit declined to $606 million, or 13.8% of segment net sales, in Q1 FY18 from $575 million, or 14.8% of segment net sales, in Q1 FY17.
United Technologies' Pratt & Whitney segment's net sales grew to $4.33 billion in Q1 FY18 from $3.76 billion in Q1 FY17. The segment reported an adjusted operating profit of $413 million in Q1 FY18, which came in above $356 million in Q1 FY17.
During Q1 FY18, the Company's UTC Aerospace Systems segment's net sales stood at $3.82 billion compared to $3.61 billion in Q1 FY17. Furthermore, the segment's adjusted operating profit increased to $615 million, or 16.1% of segment net sales, in Q1 FY18 from $554 million, or 15.3% of segment net sales, in Q1 FY17.
Cash Matters and Balance Sheet
For Q1 FY18, the Company's cash flow from operations declined to $453 million from $993 million in Q1 FY17. The Company's free cash flow also fell to $116 million in Q1 FY18 from $993 million in Q1 FY17.
As on March 31, 2018, United Technologies reported a cash and cash equivalents balance of $7.67 billion compared to $8.99 billion as on December 31, 2017. Additionally, the Company's long-term debt increased to $25.15 billion as on March 31, 2018, from $24.99 billion as on December 31, 2017.
For the full year FY18, United Technologies' management raised its sales guidance to be in the range of $63.0 billion to $64.5 billion from its previous outlook of $62.5 billion to $64.0 billion. The Company's adjusted EPS is expected to the band of $6.95 to $7.15 for FY18 from the prior guidance range of $6.85 to $7.10.
Stock Performance Snapshot
May 07, 2018 - At Monday's closing bell, United Technologies' stock climbed 1.15%, ending the trading session at $120.89.
Volume traded for the day: 2.85 million shares.
After yesterday's close, United Technologies' market cap was at $95.90 billion.
Price to Earnings (P/E) ratio was at 18.57.
The stock has a dividend yield of 2.32%.
The stock is part of the Industrial Goods sector, categorized under the Aerospace/Defense Products & Services industry. This sector was up 0.8% at the end of the session.
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