Industrial giant United Technologies Corporation (NYSE:UTX) this morning lifted its full-year outlook following market-beating Q3 results.
The Farmington, CT-based company reported Q3 net income of $1.76 per share, surpassing Wall Street’s expectations of $1.67. Revenue rose 4.1% from last year to $14.35 billion, also beating estimates of $14.29 billion.
Looking ahead, UTX forecast full-year 2016 EPS to range from $6.55 to $6.60, up from a prior outlook of $6.45 to $6.60. Analysts are looking for lower earnings of $6.54 per share for the year. The company also guided FY2016 revenue of $57 billion to $58 billion, while analysts expect $57.22 billion.
The company commented via press release:
“We continue to focus on innovation and execution in each of our businesses and this focus is starting to pay off. Otis new equipment orders in the quarter increased 2 percent over the prior year at constant currency and grew 8 percent excluding China. Our Geared Turbofan Engine continues to perform exceptionally well and is now in service with eight operators around the world. Dispatch reliability on the GTF powered A320neo is 99.9% and fuel burn is meeting – and in some cases exceeding – our targets. Customer demand for the Geared Turbofan Engine also remains strong and our order book has grown to 8,400 engines, including announced and unannounced firm and option engines.”
Because of its diversified exposure to the building systems and aerospace industries, UTX is seen as a major bellwether for the U.S. and global economy.
UTX shares rose $2.98 (+2.99%) to $102.50 in premarket trading Tuesday. Prior to today’s report, UTX had gained 3.59% year-to-date, trailing the S&P 500’s 5.41% return in the same period.