United Technologies Corp. (NYSE: UTX) beat revenue and earnings estimates for the third quarter of 2019. Shares were up 1.3% in premarket hours on Tuesday.
Total sales rose 18% year-over-year to $19.5 billion, beating estimates of $19.3 billion. Organic sales grew 5%.
On a GAAP basis, net income fell 7% to $1.1 billion compared to the prior-year quarter while EPS was $1.33, down 14%. Adjusted EPS increased 15% to $2.21, surpassing estimates of $2.03.
During the quarter, Collins Aerospace commercial aftermarket sales were up 78% and up 20% organically. On a pro forma basis, Collins Aerospace commercial aftermarket sales were up 17% including Rockwell Collins.
Pratt & Whitney commercial aftermarket sales rose 6%. Equipment orders at Carrier fell 11% organically. Otis new equipment orders were up 6% at constant currency in the third quarter.
Looking ahead, United expects continued strength at Collins Aerospace, including the integration of Rockwell Collins, and a lower tax rate to more than offset softness at Carrier.
The company remains on track to establish Otis and Carrier as independent companies in the first half of 2020, with the end of the first quarter as its target.
United updated its outlook for FY19 and now expects adjusted EPS of $8.05-8.15 versus the prior range of $7.90 to $8.05. Reported sales is expected to be $76 billion to $76.5 billion versus the previous outlook of $75.5 billion to $77 billion. Organic sales growth is expected to be 4-5%.
Earlier this month, shareholders of United Technologies and Raytheon Company (NYSE: RTN) approved the proposed merger of equals between both companies. The transaction is expected to close in the first half of 2020.
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