Summary
On April 23, 2019, United Technologies (UTX) reported a solid first quarter. EPS improved 9% y/y to $1.91, beating consensus expectations by $0.19. Revenue grew 20% to $18.4BN, beating consensus expectations by 2%. Organic sales growth of 8% was notably strong.
UTX increased its 2019 EPS guidance range from $7.70-8.00 to $7.80-8.00 (+$0.05 at the midpoint). Consensus expectation for 2019 EPS is $7.91. UTX is trading at 17.7x 2019 consensus EPS.
Finally, UTX noted that the spin-off of Carrier and Otis remains on track for completion in the first half of 2020.