UNITED TECHNOLOGIES REPORTS THIRD QUARTER 2018 RESULTS;
RAISES 2018 OUTLOOK
Organic sales growth momentum continues in Q3;
Raises sales and adjusted EPS outlook for 2018*
Sales of $16.5 billion, up 10 percent versus prior year including 8 percent organic growth
GAAP EPS of $1.54, down 8 percent versus prior year
Adjusted EPS of $1.93, up 12 percent versus prior year
FARMINGTON, Conn., October 23, 2018 - United Technologies Corp. (NYSE:UTX) today reported third quarter 2018 results and increased its full year sales and adjusted EPS outlook.
“Organic sales growth of 8 percent is further proof that our investments in innovation are paying off across all of our businesses,” said UTC Chairman and Chief Executive Officer Gregory Hayes. “We are well positioned to close out the year as we continue to execute on our strategic priorities. The acquisition of Rockwell Collins, once complete, will further strengthen our position as a premier systems supplier to the aerospace industry.”
“Based on the continued positive momentum year-to-date, we are again raising our adjusted EPS outlook range and now expect $7.20 to $7.30 for 2018.* We are also raising the low end of our 2018 sales outlook and now expect $64.0 to $64.5 billion of sales on an improved organic growth outlook of 6 percent,”* Hayes concluded.
Third quarter sales of $16.5 billion were up 10 percent over the prior year, including 8 points of organic sales growth, 3 points from the absence of the nonrecurring charge incurred at Pratt & Whitney in Q3 2017 and 1 point of foreign exchange headwind. GAAP EPS of $1.54 was down 8 percent versus the prior year and included 39 cents of net restructuring charges and other significant items. Adjusted EPS of $1.93 was up 12 percent.
Net income in the quarter was $1.2 billion, down 7 percent versus the prior year. Cash flow from operations was $1.8 billion and capital expenditures were $413 million, resulting in free cash flow of $1.3 billion.
In the quarter, commercial aftermarket sales were up 9 percent at Pratt & Whitney and up 12 percent at UTC Aerospace Systems. Otis new equipment orders were up 9 percent organically versus the prior year. Equipment orders at UTC Climate, Controls & Security increased 13 percent organically.
The following information was filed by United Technologies Corp (UTX) on Tuesday, October 23, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: UTX CIK: 101829 Form Type:10-Q Quarterly Report Accession Number: 0000101829-18-000043 Submitted to the SEC: Fri Oct 26 2018 12:51:01 AM EST Accepted by the SEC: Fri Oct 26 2018 Period: Sunday, September 30, 2018 Industry: Aircraft Engines And Engine Parts