United Technologies Corp. raised its guidance for full-year EPS and free cash flow as it reported third-quarter earnings that topped analysts' estimates.
The aerospace and defense company said its adjusted net income attributable to common shareholders for the third quarter rose to $1.90 billion from $1.55 billion in the year-earlier period.
Adjusted EPS came in at $2.21, an increase of 14.5% from $1.93 in the prior-year period. The S&P Global Market Intelligence consensus normalized EPS estimate for the third quarter was $2.03.
Operating profit totaled $2.49 billion, compared with $1.84 billion in the year-earlier period.
Net sales rose 18.1% year over year to $19.50 billion from $16.51 billion. The Collins Aerospace Systems unit contributed $6.50 billion while Pratt & Whitney contributed $5.28 billion.
In reporting results, United Technologies said it forecasts adjusted EPS in the range of $8.05 to $8.15 for the full year, up from a previous range of $7.90 to $8.05. The company also raised its free cash flow guidance for the full year to a range of $5.3 billion to $5.7 billion, from a range of $4.5 billion to $5.0 billion for 2019.
United Technologies now projects sales to be in the range of $76.0 billion to $76.5 billion, compared with a previous forecast range of $75.5 billion to $77.0 billion.
The company also said it remains on track to establish Otis and Carrier as independent entities in the first half of 2020.