United Tech tops profit estimates, raises forecasts

utx  united technologies  Reuters

Oct 24 (Reuters) - United Technologies Corp. (NYSE:UTX) on Tuesday reported a higher-than-expected quarterly profit, and raised its full-year earnings per share and sales forecasts for the second time this year.

Shares of the maker of Otis Elevators, Pratt & Whitney aircraft engines and Carrier air conditioners were up about 1.7 percent at $122.98 in premarket trading.

United Tech raised its 2017 adjusted earnings per share forecast to $6.58-$6.63 from $6.45-$6.60, and also raised the lower end of its sales forecast range to $59.0 billion-$59.5 billion from $58.5 billion-$59.5 billion.

United Tech said income from continuing operations attributable to shareholders fell to $1.33 billion, or $1.67 per share, in the third quarter ended Sept. 30, from $1.44 billion, or $1.74 per share, a year earlier.

On an adjusted basis, the company earned $1.73 per share, compared with $1.76 per share a year earlier.

Net sales rose about 5 percent to $15.06 billion.

Analysts on average were expecting third-quarter earnings of $1.69 per share, and revenue of $14.98 billion, according to Thomson Reuters I/B/E/S.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Martina D'Couto)