United Technologies Beats, Lifts 2011 Outlook

NEW YORK ( TheStreet) -- United Technologies said third-quarter revenue jumped 8.7% from a year earlier and profit rose 9.4% on continued organic growth across its six businesses and favorable foreign currency translation.

The Hartford, Conn.-based corporation earned $1.32 billion, or $1.47 a share, on revenue of $14.8 billion. Analysts' estimates as polled by Yahoo! Finance expected earnings of $1.45 a share along with $14.55 billion in revenue.

"This was another solid quarter for United Technologies, with continued organic sales growth across all six of our businesses," CEO Louis Chenevert said in a statement Wednesday. "Cash generation was also strong and we now expect cash flow from operations less capital expenditures to exceed net income attributable to common shareowners for the full year."

The company also raised its outlook for full-year earnings to $5.47 a share, up from a range of $5.35 to $5.45, as United Technologies said that the Goodrich acquisition and its agreement with Rolls Royce to restructure IAE ownership would yield significant value to its shareholders.

"The acquisition of Goodrich will bring complementary products of two great companies together to offer more intelligent and more integrated systems for our aerospace customers," Chenevert said.

-- Written by Joe Deaux in New York.

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