United Technologies Profit Beats Estimates, But Sales Fall Short

United Technologies Corp. said Tuesday it had net income of $1.4 billion, or $1.61 a share, in the third quarter, down from $1.9 billion, or $1.93 a share, in the year-earlier period. The maker of jet engines, air cooling systems and elevator technology said adjusted per-share earnings came to $1.67, ahead of the FactSet consensus of $1.55. Sales fell to $13.8 billion from $14.6 billion, and missed the FactSet consensus of $14.8 billion. Sales were pressured by the strong dollar and a delay in engine deliveries at the company's Pratt & Whitney business due to the transition to a new logistics center. But the company said deliveries should be recovered by the fourth quarter, and said it still expects to meet its goal of full-year EPS of $6.15 to $6.30, and sales of $57 billion to $58 billion. The company is expecting the sale of its Sikorsky helicopter business to close in the fourth quarter. Shares were not yet active in premarket trade, but are down 20% in the year so far, while the Dow Jones Industrial Average lost 3.3%.

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