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.”
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