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United Technologies Corp (UTX) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

United Technologies Corp

CIK: 101829 Ticker: UTX









Exhibit 99


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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Inside United Technologies Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheet
Condensed Consolidated Statement Of Cash Flows
Condensed Consolidated Statement Of Comprehensive Income
Condensed Consolidated Statement Of Operations Condensed Consolidated Statement Of Operations
Accounting Pronouncements
Accounting Pronouncements (Details)
Acquisition, Dispositions, Goodwill And Other Intangible Assets (Goodwill) (Details)
Acquisitions, Dispositions, Goodwill And Other Intangible Assets
Acquisitions, Dispositions, Goodwill And Other Intangible Assets (Amortization Expense) (Details)
Acquisitions, Dispositions, Goodwill And Other Intangible Assets (General Information) (Details)
Acquisitions, Dispositions, Goodwill And Other Intangible Assets (Intangible Assets) (Details)
Acquisitions, Dispositions, Goodwill And Other Intangible Assets (Tables)
Borrowing And Lines Of Credit (Narrative) (Details)
Borrowings And Lines Of Credit
Borrowings And Lines Of Credit (Long-Term Debt) (Details)
Borrowings And Lines Of Credit (Short-Term Borrowings) (Details)
Borrowings And Lines Of Credit (Tables)
Borrowings And Lines Of Credit Borrowings And Lines Of Credit (Current Year Actions) (Details)
Contingent Liabilities
Contingent Liabilities (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Employee Benefit Plans
Employee Benefit Plans (Details)
Employee Benefit Plans (Tables)
Fair Value Measurements
Fair Value Measurements (Commercial Aerospace Financing Commitments) (Details)
Fair Value Measurements (Fair Value Hierarchy Classification) (Details)
Fair Value Measurements (Tables)
Financial Instruments
Financial Instruments (Details)
Financial Instruments (Tables)
Guarantees
Guarantees (Details)
Guarantees (Tables)
Income Taxes
Income Taxes (Unrecognized Tax Benefit Changes) (Details)
Introduction To Notes To Condensed Consolidated Financial Statements (Unaudited) Introduction
Inventories And Contracts In Progress
Inventories And Contracts In Progress (Details)
Inventories And Contracts In Progress (Tables)
Long-Term Financing Receivables
Long-Term Financing Receivables (Reserve And Additional Information) (Details)
Long-Term Financing Receivables (Tables)
Long-Term Financing Receivables(Class And Credit Risk Information) (Details)
Restructuring And Other Costs
Restructuring And Other Costs (Details)
Restructuring And Other Costs (Tables)
Revenue Recognition Contract Asset &Amp; Liability (Tables)
Revenue Recognition Financial Statement Supplementals - Rev Rec (Tables)
Revenue Recognition Remaining Performance Obligations (Tables)
Revenue Recognition Revenue Recognition (Details)
Revenue Recognition Revenue Recognition (Notes)
Segment Financial Data
Segment Financial Data (Details)
Segment Financial Data (Tables)
Shareowners' Equity And Noncontrolling Interest
Shareowners' Equity And Noncontrolling Interest (Summary Of Changes In Aoci) (Details)
Shareowners' Equity And Noncontrolling Interest (Summary Of Changes In Shareowners' Equity And Noncontrolling Interest) (Details)
Shareowners' Equity And Noncontrolling Interest (Tables)
Variable Interest Entities
Variable Interest Entities (Details)
Variable Interest Entities (Tables)
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

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