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The
aerospace and building systems conglomerate backed its 2015
profit forecast after cutting it three times earlier in the
year.
United Tech said third-quarter net income fell to $1.36 billion
from $1.85 billion a year ago.
Earnings from continuing operations declined to $1.61 per share
from $1.93 per share a year ago.
Revenue fell 5.7 percent to $13.79 billion. Excluding currency
swings, organic sales fell 1 percent, with the company citing a
delay in jet engine deliveries that it expects to be recovered
in the fourth quarter.
The company said its board authorized a $12 billion share
repurchase program, including a $6 billion accelerated share
repurchase using the proceeds from the sale of its Sikorsky
helicopter unit to Lockheed Martin <LMT.N>. United Tech expects
the Sikorsky sale to close in the fourth quarter.
Including $4 billion in repurchases made so far in 2015, United
Tech said it expects to complete $16 billion of share
repurchases through 2017.
Through Monday, United Tech shares have slumped about 20 percent
this year.
(Reporting by Lewis Krauskopf in New York; Editing by Chizu
Nomiyama and Bernadette Baum)
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