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UTC 3Q Earnings Beat Forecasts, Revenue Below Estimates as Company Unveils $12B Stock Repurchase Plan

UTClogoUnited Technologies Corp. (NYSE: UTX) has reported third quarter earnings of $1.61 per share, six cents higher than the Wall Street consensus estimate and down 17 cents from the prior year quarter on a strong U.S. dollar.

The company also unveiled a new $12 billion share repurchase plan that includes a $6 billion accelerated buyback portion with proceeds from its pending sale of the helicopter manufacturing subsidiary Sikorsky Aircraft to Lockheed Martin for $9 billion, which UTC expects to close in the fourth quarter.

That plan increases UTC’s total repurchase program to $16 billion when including the $4 billion in stock the company has bought back to-date in 2015.

Revenue in the quarter declined 6 percent from the prior year period to $13.8 billion on a strong U.S. dollar and delays in engine deliveries.

Wall Street analysts estimated $14.49 billion in revenue for the quarter.

UTC reaffirmed its full-year guidance ranges of between $6.15 and $6.30 earnings per share and $57 billion-to-$58 billion in sales.

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