Skip to main content

United Tech Sees Bigger Buyback

Third-quarter numbers hit their target.
  • Author:
  • Publish date:

United Technologies (UTX) - Get Free Report posted a solid third quarter Tuesday and said it was buying back more stock than expected.

The Hartford, Conn., industrial conglomerate earned $821 million, or 81 cents a share, up from the year-ago $693 million, or 68 cents a share. Revenue rose 17% from a year ago to $10.9 billion, reflecting 6% organic, or nonacquisition-related, growth.

"Third quarter performance was again very good and adds to a strong year for UTC," said CEO George David. "As a result we are increasing our full year earnings per share growth estimate to 17 percent and now expect earnings per share in the range of $3.08 to $3.10, up from $3.00 to $3.07."

The company bought back $385 million worth of its own shares in the latest quarter and said it is likely to do the same for the fourth, putting it on track to beat its $1 billion buyback target for the year.

On Tuesday, United Tech was flat at $51.11.