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:
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