United Technologies Corp. (UTX) reported third-quarter profit that beat analysts’ estimates, driven by sales of air conditioners and aircraft components.
Net income rose 1.2 percent to $1.43 billion, or $1.55 a share, from $1.42 billion, or $1.37, a year earlier, the Hartford, Connecticut-based company said today in a statement. Analysts projected $1.54, the average of 20 estimates compiled by Bloomberg.
United Technologies also boosted the lower end of its full-year earnings per share forecast today to a range of $6.10 to $6.15, up from $6 to $6.15, previously. Full-year sales will be about $63 billion, down from a prior projection of $64 billion.
The “weakness in military aerospace markets and slow pace of recovery in Europe” will damp annual revenue, Chief Executive Officer Louis Chenevert said today.
Chenevert is reshaping the company to focus on the commercial-construction industries and aviation after completing the $16.5 billion acquisition of Goodrich Corp., the largest aerospace takeover in history.
Profit at the Aerospace Systems business, which includes Goodrich, climbed 85 percent to $501 million. Climate Control & Security profit climbed 10 percent to $696 million.
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