Page 24 - ARUBA TODAY

Wednesday 26 July 2017 BUSINESS
A24

United Technologies reports 2Q profit boost, raises outlook

NEW YORK (AP) — United structuring costs, came to veyed by Zacks expected ing on heating, cooling announced in late May.
Technologies Corp. on $1.85 per share. $15.18 billion in revenue. and fire safety products Carrier announced in Feb-
Tuesday reported a boost Meanwhile, revenue for the The company’s Otis eleva- for buildings reported a 5.7 ruary 2016 that it would
in second-quarter profit on Farmington, Connecticut tor unit reported a 1 per- percent gain to $4.71 bil- close the Indianapolis
sales gains from key busi- company rose 2.7 percent cent sales gain to $3.13 lion. That unit includes Car- plant and cut about 1,400
ness units while also raising to $15.28 billion. billion. The Pratt & Whitney rier Corp., which is in the production jobs in a move
its outlook. The results exceeded Wall unit, which makes jet en- midst of laying off nearly expected to save $65 mil-
The maker of elevators, jet Street expectations. The gines, reported a 6.7 per- 340 workers from an India- lion annually by moving
engines and other prod- average estimate of 10 an- cent boost in sales to $4.07 napolis factory as it out- furnace production to
ucts reported a 4.4 percent alysts surveyed by Zacks In- billion and the aerospace sources jobs to Mexico. Mexico. President Donald
increase in profit to $1.44 vestment Research was for unit reported a 2 percent Another 290 workers will be Trump repeatedly criticized
billion, or $1.80 per share. earnings of $1.77 per share, decline to $3.64 billion. let go by Dec. 22 under a Carrier’s Mexico outsourc-
Earnings, adjusted for re- while seven analysts sur- Meanwhile, the unit focus- timetable the company ing plan. q
GM 2Q net earnings fall on loss from sale of European unit

By TOM KRISHER That’s down $100 million
AP Auto Writer from a year ago, due
DETROIT (AP) — General largely to a $270 million
Motors’ second-quarter drop in North America that
net profit fell more than 40 Stevens attributed to pro-
percent as the carmaker duction cuts as the com-
lost money on the pend- pany ramps up to launch
ing sale of its European unit new Silverado and Sierra
and warned it still faces full-size pickup trucks.
billions of dollars in further GM’s dealer inventory in
losses to come. the U.S. grew by 273,000
GM made net income of at the end of June com-
$1.66 billion, compared pared with last year, to
with a record $2.87 billion a 980,000, as it ramped up to
year ago. But when the Eu- launch the Buick Enclave
ropean loss and one-time and other new midsize
items are stripped out, GM SUVs, and prepared for the
made $2.4 billion from con- new pickup trucks. That’s
tinuing operations, or $1.89 enough inventory to sup-
per share. That’s down 12 ply dealers for 105 days.
percent from last year but A Chevrolet truck sits in a General Motors dealer’s lot in Nashville, Tenn. General Motors Co. re- But Stevens said the com-
ports financial results, Tuesday, July 25, 2017.
still easily beat Wall Street (AP Photo/Mark Humphrey) pany will cut production
estimates. Analysts polled by 150,000 vehicles in the
by FactSet expected only brands to France’s PSA GM agreed to sell its Euro- end of this year. The charge second half versus the first,
$1.68 per share. Group, owner of Peugeot pean operations to PSA in includes $3.9 billion in previ- including car reductions
Revenue was $37 billion and Citroen. It also includes March for $2.2 billion, and ous losses that GM will not and 13 weeks of down-
excluding Europe, falling $654 million in one-time the company disclosed be able to use to offset fu- time at truck factories to
short of analyst estimates items from restructuring Tuesday in a regulatory fil- ture tax obligations. switch to the new models.
of $40.3 billion. in India, the sale of GM’s ing that it expects to take Chief Financial Officer That should bring inventory
GM’s bottom line includes South Africa business and a $5.5 billion to $6 billion Chuck Stevens called the down to a more normal
a $770 million loss as it pre- lingering legal costs from charge from the sale to be second-quarter perfor- 70-day supply of around
pares for the sale of its Eu- an embarrassing ignition counted when the deal mance strong with pre- 800,000 by the end of the
ropean Opel and Vauxhall switch recall. closes -- expected by the tax earnings of $3.7 billion. year, he said. q

Drugmaker Lilly beats Street 2Q forecasts, raises outlook

INDIANAPOLIS (AP) — Eli Lil- but the drugmaker also an- Lilly said Tuesday that it will asked for another study tis, a chronic inflammatory
ly topped Wall Street’s sec- nounced a delay in the be at least 18 months be- on the drug, and Lilly says disease that affects the
ond-quarter expectations resubmission of a potential fore the company resub- it is talking with regulators joints and destroys soft tis-
and raised its 2017 forecast, new drug to regulators. mits baricitinib to the Food about next steps. Baricitinib sue, cartilage and bone.
and Drug Administration for aims to treat moderate to Lilly bought the potential
approval. The agency has severe rheumatoid arthri- drug from Incyte in 2009
and is leading its develop-
CONDO FOR SALE ment. It has already been
approved in Europe and
Japan. In the second quar-
3 BEDROOM CONDO in Tierra del Sol. ter, Indianapolis-based
Facing the Golf Course ground oor, Lilly’s earnings jumped 35
move in condition with furniture and new percent to $1.01 billion.
Earnings, adjusted for re-
airco system structuring costs, totaled
$1.11 per share. Revenue
Contact Owner at stemel@optonline.net, grew 8 percent to $5.82
in USA for more information: 203-526-9329. billion.q