HARTFORD, Conn. (AP) — The chief executive of United Technologies Corp. has warned investor analysts against expecting double-digit earnings growth this year because of a strong dollar that’s making exports more expensive and pension funding.
However, CEO Gregory Hayes said Tuesday that order rates at key businesses position the aerospace and building systems conglomerate for “significant earnings growth” in the next five years.
United Technologies expects full-year earnings of $6.85 to $7.05 per share on revenue of $65 billion to $66 billion. Analysts surveyed by FactSet expect earnings of $7 per share on revenue of $65.1 billion.
Hayes said the Hartford, Connecticut, business continues to seek acquisitions, but prospective purchases must be part of the conglomerate’s core business, yield more than 10 percent in internal rate of return and add to profit by the second year. He said those conditions and high valuations make deals hard to find.
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