21.10.2014 13:13:36

United Technologies Q3 Profit Rises; Says Remains On Track To Deliver 2014 View

(RTTNews) - Diversified conglomerate United Technologies Corp. (UTX) reported that its third-quarter net income attributable to common shareowners rose to $1.854 billion from the prior year's $1.432 billion.

Results for the latest-quarter included $0.22 per share of favorable one-time items net of restructuring costs. Earnings per share in the year ago quarter included $0.08 of restructuring costs and one-time items. Excluding these items in both quarters, earnings per share increased 12 percent year over year.

Earnings per share from continuing operations were $2.04 up from $1.55 in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.81 per share for the quarter. Analysts' estimates typically exclude special items.

Net Sales for the quarter grew to $16.168 billion from $15.462 billion in the prior year. Wall Street expected revenues of $16.16 billion.

With double-digit earnings and 4 percent organic sales growth through the first three quarters, the company said it remains on track to deliver on its expectations for fiscal year 2014. The company noted that its solid backlog and organic growth trends continue to give it confidence in its earnings per share range of $6.75 to $6.85, on sales of about $65 billion. Wall Street currently is looking for fiscal year 2014 earnings of $6.84 per share on annual revenues of $65.26 billion.

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