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United Technologies Q3 profit falls YOY

United Technologies Corp. said its normalized net income for the third quarter amounted to $1.38 per share, compared with the S&P Capital IQ consensus estimate of $1.56 per share.

EPS declined 11.4% year over year from $1.56.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.22 billion, a decline of 13.8% from $1.42 billion in the year-earlier period.

The normalized profit margin dropped to 8.9% from 9.7% in the year-earlier period.

Total revenue fell 5.6% on an annual basis to $13.79 billion from $14.61 billion, and total operating expenses fell from the prior-year period to $11.52 billion from $12.01 billion.

Reported net income declined 18.9% on an annual basis to $1.42 billion, or $1.61 per share, from $1.76 billion, or $1.93 per share.