rose early Wednesday after the company said its full-year earnings should be at the high end of its earlier projected range.
United Technologies, known for its operating companies like Pratt & Whitney, Otis and Carrier, said this year's profits would probably be $4.22 to $4.25 a share, toward the top side of its prior range of $4.15 to $4.25.
"Given the organic revenue growth year to date and current backlogs, we now expect revenues for the year in the range of $54 billion, up from our previous outlook of $53 billion," the company said in a press release. "Momentum in the businesses is good, with the most recent evidence being the selection of Pratt & Whitney's Geared Turbofan engine for the Mitsubishi Regional Jet. As usual, we'll be reviewing the 2008 outlook at our December investor meeting and anticipate delivering another solid outlook then."
Shares rose 1.7% to $81 in premarket trading.
For the third quarter, United Technologies earned $1.2 billion, or $1.21 a share, up from last year's $996 million and 99 cents a share. Revenue increased 14% from last year to $13.9 billion. The latest quarter included a 4-cent tax benefit, and last year had 2 cents of one-time costs.
The company said it expects recently enacted international tax law changes to hurt its fourth-quarter tax rate and offset the third-quarter gain of 4 cents.
Analysts were estimating $1.16 for the third quarter and are looking for $4.24 for the year.