United Technologies tops Street 3Q forecasts
FARMINGTON, Conn. (AP) — United Technologies Corp. (UTX) on Tuesday reported third-quarter earnings of $1.33 billion.
The Farmington, Connecticut-based company said it had profit of $1.67 per share. Earnings, adjusted for restructuring costs, came to $1.73 per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.68 per share.
The maker of elevators, jet engines and other products posted revenue of $15.06 billion in the period, also beating Street forecasts. Six analysts surveyed by Zacks expected $14.89 billion.
United Technologies expects full-year earnings in the range of $6.58 to $6.63 per share, with revenue in the range of $59 billion to $59.5 billion.
United Technologies shares have risen 10 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 15 percent. The stock has risen 23 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on UTX at https://www.zacks.com/ap/UTX