United Technologies Corp. shares
rose 1.9% in premarket trade Tuesday, after the aerospace and industrial company beat earnings estimates for the third quarter. The company said it had net income of $1.148 billion, or $1.33 a share, in the quarter, down from $1.238 billion, or $1.54 a share, in the year-earlier period. Adjusted per-share earnings came to $2.21, ahead of the $2.03 FactSet consensus. Sales rose to $19.496 billion from $16.510 billion, also ahead of the $19.325 billion FactSet consensus. “Our strong performance through the first three quarters gives us confidence in the improved adjusted EPS range of $8.05 to $8.15 and free cash flow range of $5.3 to $5.7 billion for the year,” Chief Executive Gregory Hayes said in a statement. The adjusted EPS range compares with prior guidance of $7.90 to $8.05. “Continued strength at Collins Aerospace, including the integration of Rockwell Collins, and a lower tax rate are expected to more than offset softness we are seeing at Carrier.” The company tweaked its full-year sales range, however, to $76.0 billion to $76.5 billion, compared with prior guidance of $75.5 billion to $77.0 billion. Shares have gained 30% in 2019, while the Dow Jones Industrial Average
which counts United Tech as a member, has gained 15%.