Near-Term Margin Pressures Do Not Dampen Our Enthusiasm for Wide-Moat UTX’s Future Prospects
We’re reiterating our $129 fair value estimate for wide-moat United Technologies after second-quarter earnings. Revenue increased 3% year over year to $15.3 billion in the quarter, benefiting from strong sales at Pratt and Whitney and Climate, Controls, and Security, which grew organically by 5% and 6%, respectively. Pratt ended the first half of the year with 134 deliveries of geared turbofan engines, slightly behind its 350-400 commitment for 2017. However, with fixes identified for recent pro...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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