United Technologies Raises Profit Outlook
October 22 2019 - 7:56AM
Dow Jones News
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)
Copyright (c) 2019 Dow Jones & Company, Inc.
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