Seeking Alpha

United Technologies' Carrier orders signal housing strength, CFO says

  • United Technologies (UTX +0.9%) CFO Greg Hayes says Q1's 19% Y/Y rise in orders for the company's Carrier heating and cooling systems - despite the harsh winter weather conditions - suggests growing strength in the U.S. housing market.
  • Hayes says Carrier's residential business historically has proven a reliable indicator about the state of the U.S. housing market; in 2007, Carrier's sliding sales foreshadowed the coming housing bust, but "here it is 2014 and it's going the other way, so we feel pretty good about the U.S. economy."
  • Sterne Agee likes what it saw in UTX's Q1 results, reiterating its Buy rating, while RBC Capital calls the quarter a good start on the way toward improved growth through the year.
  • Homebuilder ETFs: ITB, XHB
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