Aerospace Businesses Take Off in United Technologies' Third Quarter; Shares Undervalued
Wide-moat United Technologies delivered solid third-quarter results, and we reiterate our fair value estimate of $122 per share. Revenue rose 5% year over year on an organic basis to $14.4 billion, aided primarily by the firm’s aerospace businesses. In particular, large engine deliveries and strength in commercial aftermarket fueled Pratt & Whitney’s 13% year-over-year increase in sales. While this can be partially attributed to lapping a logistically challenged third-quarter 2015, we antici...United Technologies provides technology products and services to the building systems and aerospace industries. The company has four segments: Otis, which designs, manufactures, sells and installs passenger and freight elevators; Carrier, which provides heating, ventilating, air conditioning refrigeration, fire, security and building automation products; Pratt & Whitney, which supplies aircraft engines for the commercial, military, business jet and general aviation market; and Collins Aerospace Systems, which provides aerospace products and aftermarket service solutions for aircraft manufacturers, airlines, regional, business and general aviation markets, military, space and undersea operations.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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