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United Technologies Corporation (UTX) Stock Heads Lower After Q4 Earnings

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United Technologies Corporation (NYSE: UTX ) stock was on its way down Wednesday after the release of its earnings report for the fourth quarter of the 2016.

United Technologies Corporation reported earnings per share of $1.56 for the fourth quarter of 2016. This is an increase over the company's earnings per share of $1.53 for the fourth quarter of 2015. It also matched Wall Street's earnings per share estimate for the quarter.

Revenue reported by United Technologies Corporation in the fourth quarter of 2016 was $14.66 billion. Revenue reported by UTX during the same time last year was $14.30 billion. Analysts were expecting the company to report revenue of $14.70 billion during the fourth quarter of the year.

Net income reported by United Technologies Corporation for the fourth quarter of 2016 was $1.01 billion . This is down from the net income of $3.28 billion that was reported by the aircraft company during the same period of the year prior.

United Technologies Corporation also reaffirmed its outlook for 2017 in its most recent earnings report. UTX is expecting earnings per share for the year to range from $6.30 to $6.60. Wall Street is currently estimating earnings per share of $6.56 for the year.

United Technologies Corporation's revenue guidance for the full year of 2016 falls between $57.50 billion and $59 billion. Analysts are expecting the company to report revenue of $58.86 billion during 2017.

"Despite an uncertain global macro environment, our growing aerospace backlog and strategic investments in the commercial businesses position us well to generate higher organic growth in 2017, and we remain on track to our 2020 targets," said United Technologies Corporation Chairman and CEO Gregory Hayes.

UTX stock was down 1% as of Noon Wednesday.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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