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United Technologies Tops Q3 Profit Forecasts

But the company lowered its sales outlook for the year


United Technologies (NYSE:UTX) said on Tuesday that it earned $1.2 billion during the third quarter, down about 6% compared to last year. EPS came in at $1.39, topping analysts’ estimates of $1.18 a share, Fox Business News noted.

The aerospace and defense manufacturer recorded quarterly revenue of $15.04 billion, up 6% from $14.24 billion last year. That missed the $15.51 billion that Wall Street had anticipated.

3 Aerospace and Defense Stocks to Buy Now
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Company officials reiterated previously issued earnings guidance of between $5.25 and $5.35 a share for 2012. However, they lowered their sales estimate for the year to $58 billion, down from earlier predictions of $59 billion, attributing the reduced estimate to a sluggish global economy.

Shares of United Technologies slipped fractionally in Tuesday midday trading.

In July, UTX completed its $16.5 billion purchase of Goodrich, which the company financed in part through the sale of its Rocketdyne, Clipper Windpower and Hamilton Sundstrand’s units.

Article printed from InvestorPlace Media,

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