Categories Earnings, Other Industries
United Technologies posts upbeat Q3 results, lifts 2018 profit view
United Technologies Corp. (UTX) reported a 7% drop in earnings for the third quarter due to restructuring charges as well as higher costs and expenses. However, the results exceeded analysts’ expectations. The aerospace and industrial company raised adjusted earnings guidance for the full year 2018.
Net income fell by 7% to $1.2 billion and earnings dropped 8% to $1.54 per share. The results included 39 cents of net restructuring charges and other significant items. Adjusted EPS increased 12% to $1.93.
Sales grew 10% to $16.5 billion. This included 8 points of organic sales growth, 3 points from the absence of the nonrecurring charge incurred at Pratt & Whitney in the previous year quarter and 1 point of foreign exchange headwind.
In the quarter, commercial aftermarket sales were up 9% at Pratt & Whitney and up 12% at UTC Aerospace Systems. Otis new equipment orders were up 9% organically versus the prior year. Equipment orders at UTC Climate, Controls & Security increased 13% organically.
Looking ahead into the full year 2018, the company raised its adjusted EPS guidance to the range of $7.20 to $7.30 from the previous estimate range of $7.10 to $7.25. Sales outlook was narrowed to the range of $64 billion to $64.5 billion from the prior range of $63.5 billion to $64.5 billion.
Organic sales growth is now predicted to be about 6% compared to the previous forecast range of 5% to 6%. The company maintained its previously provided free cash flow expectations of $4.5 billion to $5.0 billion. The guidance excludes the impact of the pending acquisition of Rockwell Collins (COL).
“We are well positioned to close out the year as we continue to execute on our strategic priorities. The acquisition of Rockwell Collins, once complete, will further strengthen our position as a premier systems supplier to the aerospace industry,” Chief Executive Gregory Hayes said.
Shares of United Technologies opened higher and remained above 2% in the early trade on the NYSE. The stock has risen over 7% in the past year and over 1% in the year so far.
Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!
Most Popular
Intensity Therapeutics is establishing a new field of localized cancer reduction: CEO
Intensity Therapeutics, Inc. (NASDAQ: INTS) is a clinical biotechnology company engaged in the discovery development, and commercialization of first-in-class cancer drugs that attenuate tumors with minimal side effects while training
INTU Earnings: Intuit Q1 2025 adj. profit rises on higher revenues
Financial technology company Intuit Inc. (NASDAQ: INTU) Thursday announced results for the first quarter of 2025, reporting a modest increase in adjusted earnings. The Mountain View-headquartered company’s first-quarter revenue came
Riding the AI wave, Nvidia looks set to stay on the high-growth path
After delivering strong results for the third quarter, Nvidia Corporation (NASDAQ: NVDA) this week said the launch of its new-generation Blackwell chip is on track. The company is thriving on