The aerospace and building systems manufacturer United Technologies is running into turbulence.

(MONEY Magazine) -- The maker of Pratt & Whitney plane engines, Otis elevators, and Carrier air conditioners has outperformed the broad stock market for much of the past decade, thanks in part to its business and geographic diversification.

But United Technologies, which recently completed a deal to buy aircraft-component maker Goodrich, is running into a bit of turbulence.

Slowing sales in China and the possibility of defense cuts at home, for instance, threaten UTX's enviable profit growth.

Related: Defense cuts won't hurt that much

Is this just a bumpy stretch or the start of a gradual descent?

Troubles abroad

Nearly half of the company's sales come from slowing Europe and Asia.

United Technologies (UTX, Fortune 500) international reach 61% of its sales are generated overseas, with about a third of that coming from emerging markets like China and India has long been seen as a positive. Now that global growth has hit a speed bump, though, this plus has turned into a minus.

The European debt crisis is casting a cloud over foreign sales (Europe accounts for 26% of revenue), and the strengthening of the U.S. dollar has made American goods less competitive abroad.

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Aerospace giant faces headwinds