United Tech CEO reaffirms 2010 profit guidance despite negative impact from weak euroBy AP
Tuesday, May 18, 2010
United Tech CEO cites weak euro in profit guidance
HARTFORD, Conn. — The chief executive officer of United Technologies Corp. has reaffirmed the conglomerate’s 2010 profit guidance despite the negative impact of a weaker euro.
CEO Louis Chenevert said at an analysts’ conference Tuesday that second-quarter trends are improving. The parent company of jet engine manufacturer Pratt & Whitney, Otis elevator, Sikorsky Aircraft and other businesses is expecting to earn between $4.50 to $4.65 per share this year.
The euro fell to a four-year low against the dollar earlier in the week due to fears surrounding Europe’s debt crisis. Chenevert says it’s difficult to know how the debt issues may spread.
United Technologies’ first-quarter profit jumped 20 percent as it cut costs and boosted productivity.