Earnings Preview: United Technologies
United Technologies (UTX) is expected to report Q3 earnings before market open Thursday, October 16, with a conference call scheduled for 10:00 am ET.
Guidance
Analysts are looking for EPS of $1.32 on revenue of $15.11B. The consensus range is $1.27 to $1.37 for EPS, and $14.89B to $15.33B for revenue, according to First Call. On September 3, United Tech reaffirmed its FY08 EPS and revenue outlook. The company expects FY08 EPS of $4.80 to $4.95 vs. consensus of $4.94. The company also expects FY08 revenue of more than $60B vs. consensus of $60.19B.
On October 13, United Technologies informed Diebold by letter of the withdrawal of its February 29, 2008 acquisition offer. The company stated that due to Diebold's extended refusals of the company's requests for management discussions and due diligence, it was withdrawing its offer of February 29 to purchase any and all Diebold common shares at $40 per share.
Analyst Views
Bernstein reduced its target for United Technologies to $68 from $87, on October 10. The firm lowered it target for the company to reflect the weaker global economy and a stronger dollar. However, the firm does not think the company has significant direct risk from the credit crisis and maintained its Outperform rating.
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