United Technologies Corporation (UTX – Analyst Report) reported second quarter 2015 net income of $1,542 million or $1.73 per share, down from $1,680 million or $1.84 in the year-ago quarter. The decrease in earnings was driven by a decline in revenues.

Excluding one-time items, recurring earnings for the quarter were $1.81 per share, down 2% year over year, which beat the Zacks Consensus Estimate of $1.71.

Total revenue for the second quarter decreased 5.0% year over year to $16,333 million. The decrease in revenues was primarily driven by the impact of adverse foreign exchange, partially offset by the benefit of organic growth. The reported revenues missed the Zacks Consensus Estimate of $16,660 million.