United Technologies Raises Profit Outlook

By Dave Sebastian 

United Technologies Corp. raised its profit outlook for the year as it recorded higher quarterly earnings and revenue.

For the full year, the Farmington, Conn., aerospace company now expects adjusted per-share earnings to be between $8.05 and $8.15, up from its previous outlook of $7.90 to $8.05. United Technologies narrowed its sales outlook to between $76 billion and $76.5 billion, compared with its prior guidance of $75.5 billion to $77 billion. It said it continues to expect organic sales to grow 4% to 5% for the full year.

Shares of United Technologies are up 1.1% in premarket trading Tuesday.

The company posted adjusted earnings of $2.21 a share in the third quarter, surpassing the $2.03 a share analysts polled by FactSet had expected.

Net income totaled $1.15 billion, or $1.33 a share, compared with $1.24 billion, or $1.54 a share, in earnings a year earlier.

United Technologies said it incurred 73 cents per share of charges related to the separation of its Otis elevator and Carrier air-conditioner businesses.

Revenue for the quarter was $19.5 billion, up from $16.51 billion in the comparable quarter last year. Analysts were expecting $19.33 billion in sales. Sales in the Otis and Carrier businesses for the quarter were $3.3 billion and $4.8 billion, respectively.

Costs and expenses rose to $17.05 billion from $14.8 billion in the comparable quarter last year.

(END) Dow Jones Newswires

October 22, 2019 07:41 ET (11:41 GMT)

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