UTC Earnings Beat Expectations

October 22, 2019 - 7:52 am

Aaron Kupec/WTIC


FARMINGTON, Conn. (WTIC and AP) - United Technologies Corp. (UTX) on Tuesday reported third-quarter net income of $1.15 billion.

The Farmington, Connecticut-based company said it had profit of $1.33 per share. Earnings, adjusted for non-recurring costs and restructuring costs, were $2.21 per share.

The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2.03 per share.

The maker of elevators, jet engines and other products posted revenue of $19.5 billion in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $19.31 billion.

United Technologies expects full-year earnings in the range of $8.05 to $8.15 per share, with revenue in the range of $76 billion to $76.5 billion.

United Technologies shares have risen 30% since the beginning of the year, while the Standard & Poor's 500 index has climbed 20%. The stock has climbed slightly more than 7% in the last 12 months.

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