A top executive of United Technologies Corp. says the Hartford conglomerates order rates have been rising in the second quarter, a trend that could power strong earnings and overcome the impact of the sliding euro, The Associated Press reports.
Chief Financial Officer Greg Hayes told analysts Tuesday that the parent company of jet engine maker Pratt & Whitney, Otis elevator, Sikorsky Aircraft and other businesses sees 2010 turning out better than expected.
He maintained the company’s forecast for 2010 profit between $4.50 per share and $4.65 per share despite the euro’s decline. Analysts surveyed by Thomson Reuters on average expected the company to earn $4.66 per share for the year.
Hayes backed the company’s outlook for revenue for the year at $54 billion to $55 billion, “probably closer to $54 billion.”
He said airline profits will rise, helping United Technologies’ aircraft components businesses.
“Obviously, the euro has been a concern,” he said. “We still feel very, very good about 2010 and years after that.”
The U.S. is “a little bit better” than expected and “Europe a little bit worse — and probably will be a little bit worse than this still,” he said.
