United Technologies surpasses anticipated earnings per share (EPS) figures as stated by analysts
In a positive turn of events, United Technologies, a prominent corporation on Wall Street, has reported earnings for the second quarter of 2020 that exceeded analyst expectations, particularly in terms of Earnings Per Share (EPS).
The company's GAAP EPS for Q2 stood at $1.47 per share, a 16% increase from the prior-year quarter. Non-GAAP EPS for the same period was $1.65, representing a 4.4% growth compared to the prior-year quarter. These figures surpassed the estimated EPS of $1.57 per share, marking a significant victory for the corporation.
The operating margin for the quarter was 15.7%, higher than the prior-year quarter, while the gross margin was 27.8%, lower than the previous year. Despite the slight dip in gross margin, the overall financial performance of United Technologies remains impressive.
The average opinion on United Technologies, as tracked by S&P Capital IQ, remains 'outperform', with an average price target of $103.68. This optimistic outlook is shared by the majority of investors, with 424 out of 434 CAPS All-Star picks giving United Technologies a green thumbs-up, and only 10 giving it a red thumbs-down. The stock also holds a four-star rating at Motley Fool CAPS, reflecting the positive sentiments towards the corporation.
United Technologies' revenue for the quarter was $16.01 billion, slightly lower than the estimated $16.40 billion. However, the company's GAAP reported sales for the quarter were 16% higher than the prior-year quarter's $13.81 billion. Next year's average estimate for United Technologies' revenue is $64.53 billion. The average estimate for United Technologies' revenue for the next quarter is $16.37 billion.
The corporation reported its earnings on July 23, 2020. It is worth noting that the search results do not contain specific information about which institutions, if any, prioritized margin expectations over revenue expectations when analysing United Technologies' results for the quarter ending June 30.
Seth Jayson has no position in any company mentioned in this article at the time of publication.
On the bottom line, the average EPS estimate for the next quarter is $1.55. The average EPS estimate for United Technologies next year is $6.11. These figures suggest a promising future for the corporation, given its strong performance in Q2.
In conclusion, United Technologies has demonstrated resilience and growth in the face of challenging economic conditions, with a particular focus on EPS. The company's strong financial performance, coupled with positive investor sentiment, positions it well for future success.
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