United Technologies Corp, which makes Pratt & Whitney aircraft engines and Otis elevators, on Wednesday, reported a 4.5 percent decline in fourth-quarter revenue, hurt by a strong dollar.
Revenue fell to $14.30 billion from $14.98 billion a year earlier.
Net income attributable to common shareholders rose to $3.28 billion from $1.47 billion.
UTC reported a loss of 30 cents per share from continuing operations, compared with year-earlier earnings of $1.41.
The company reported adjusted earnings from continuing operations of $1.53 per share, down 8 percent from $1.67 a year ago, due to a 19-cent-per-share impact of foreign exchange translation. Analysts on average had been expecting $1.52, according to Thomson Reuters I/B/E/S.
The revenue drop reflected a 5 percent decline in new orders at UTC’s climate control and security business. New orders at Otis rose 2 percent, while Pratt’s aftermarket sales jumped 11 percent and UTC aerospace sales rose 8 percent, the company said.
UTC stuck with the outlook at gave investors a month ago, saying it expected 2016 adjusted earnings per share of $6.30 to $6.60, with sales at between $56 billion and $58 billion.
For 2015, UTC’s sales totaled $56.1 billion, a decline of 3 percent.