Cash generation in the three months through September was "robust," United Technologies Corp. said on Tuesday in its earnings report. The diversified industrial producer based in Farmington, Connecticut, earned $1.33 per diluted share, a drop of 13.6% year over year and a surprise to the downside, on a 7.3% decline in profit to $1.15 billion.
The company attributed the slump to charges in the separation of Otis and Carrier. Shares climbed 1.4% in premarket trading. Revenue landed at $19.5 billion or up 18.1% on an annual basis, beating consensus. Adjusted earnings advanced 14.5% to $2.21 per share.
"United Technologies delivered another strong quarter with 5 percent organic sales growth, as well as margin expansion across all four businesses. 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," chairman and chief executive Gregory Hayes said.
