Building systems and aerospace products maker United Technologies Corporation (UTX) on Tuesday posted better-than-expected third quarter earnings and stood by its full-year outlook.
The Hartford, CT-based company reported third quarter net income of $1.42 billion, or $1.56 per share, compared with $1.32 billion, or $1.47 per share, in the year-ago period. Excluding items, earnings from continuing operations were $1.37 per share.
Revenue rose 5.7% from last year $15.04 billion.
On average, Wall Street analysts expected a much lower profit of $1.18 per share, albeit on higher revenue of $15.51 billion.
Looking ahead, UTX reiterated its previously-announced full-year earnings outlook of $5.25 to $5.35 per share. That range straddles analysts’ view of $5.30 per share for 2012.
UTX shares rose $2.07, or +2.7%, in premarket trading Tuesday.
The Bottom Line
Shares of United Technologies (UTX) have a 2.75% dividend yield, based on last night’s closing stock price of $77.83. The stock has technical support in the $72-$74 price area. If the shares can firm up, we see overhead resistance around the $80-$82 price levels.
United Technologies Corporation (UTX) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.