United Technologies Beats Estimates, Reports Organic Growth Across All Businesses, Raises Guidance Above Expectations

Pratt & Whitney United Technologies F135

Photo: HTKA.hu

United Technologies reported Q3 net income of $1.3 billion, or $1.47 a share. The results beat Wall Street consensus by two cents.Orders are also looking healthy across most of its businesses:

New equipment orders at Otis were up 19 per cent over the year ago third quarter including favourable foreign exchange of 7 percentage points. Commercial HVAC new equipment orders at Carrier grew 11 per cent including favourable foreign exchange of 4 points. Commercial spares orders at Hamilton Sundstrand were up 24 per cent and at Pratt & Whitney’s large engine business grew 3 per cent, after growing 35 per cent in the year ago third quarter.

Management also raised full-year guidance above analysts’ estimate of $5.44 per share:

Based on the strong year to date performance, we are raising the full year earnings per share expectation to $5.47, up from $5.35 to $5.45 previously, and up 15 per cent over 2010. We continue to expect sales of $58 billion, up nearly 7 per cent over 2010.

From the release:


NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.