United Technologies Reports Q3 & Raises Full-Year Profit Outlook

By John Heerdink LinkedIn

Dow 30 component United Technologies Corporation (UTX) creates smart, sustainable solutions that are used to provide high-technology systems and services to both the building and aerospace industries.

United Technologies released its Q3 2019 results on Tuesday, reporting sales growth of $19.5B, up by 18 percent in comparison to the previous year.

Highlights from the earnings release:

  • Net income in the quarter was reported at $1.1 billion, a  7 percent drop versus the prior year and included $760 million of net nonrecurring charges.
  • Adjusted EPS of $2.21 was reported, up by 15 percent versus the prior year.
  • Collins Aerospace commercial sales were up by 78 percent and 20 percent organically.
  • Equipment orders at Carrier dropped by 11 percent organically.
  • Pratt & Whitney’s commercial aftermarket sales saw a rise of 6 percent.
  • New equipment orders of Otis were up 6 percent at constant currency.
  • The company raised its Adjusted EPS, Sales, and free cash flow outlook for 2019.

UTC Chairman and Chief Executive Officer Gregory Hayes stated “United Technologies delivered another strong quarter with 5 percent organic sales growth, as well as margin expansion across all four businesses,” , “Our strong performance through the first three quarters gives us confidence in the improved adjusted EPS range of $8.05 to $8.15 and free cash flow range of $5.3 to $5.7 billion for the year.* Continued strength at Collins Aerospace, including the integration of Rockwell Collins, and a lower tax rate are expected to more than offset softness we are seeing at Carrier.”

To learn more about United Technologies Corp. (UTX) and to track its progress please visit the Vista Partners United Technologies Coverage Page.

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(Read Original Story: United Technologies Reports Third Quarter 2019 Results; Raises 2019 Adjusted EPS And Free Cash Flow Outlook in PR Newswire)


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