United Technologies Posts Upbeat Q3 Earnings, But Sales Miss Views

reported better-than-expected earnings for the third quarter, but the company's sales missed analysts' estimates. The Hartford, Connecticut-based company posted quarterly net income of $1.4 billion, or $1.61 per share, compared to $1.9 billion, or $1.93 per share, in the year-ago quarter. Excluding items, the company's adjusted earnings came in at $1.67 per share. Its sales declined to $13.8 billion from $14.6 billion. However, analysts were expecting earnings of $1.55 per share on revenue of $14.6 billion. The average estimate among 37 Estimize users was for earnings of $1.58 per share and revenue of $14.8 billion. Cash flow from operations was $1.0 billion for the quarter, while capital expenditures came in at $390 million. "United Technologies is executing the strategic plan set forth earlier this year and is focused on maximizing the performance of our core building and aerospace systems businesses under a flatter and more transparent organizational structure," said Gregory Hayes, UTC President and Chief Executive Officer. "We are on track to deliver results within our previous guidance ranges for full-year EPS of $6.15 to $6.30 and sales between $57 and $58 billion." The company also announced a $12 billion buyback program. United Technologies shares fell 1.02 percent to close at $92.05 yesterday.