United Technologies, a provider of high technology products and services to the building and aerospace industries, posted decent results for the second quarter of 2016. Revenues inched up 1.3% y-o-y to $14.874 bn and surpassed consensus estimate of $14.634 bn. Despite volatility in foreign currency, revenues of most of the company's segments improved. Revenues at Climate Controls & Security were $4.459 bn compared with $4.454 bn in the year-ago quarter. Pratt & Whitney revenues increased 3.7% to $3.813 bn, and Aerospace Systems’ sales went up 2.3% to $3.716 bn. Otis net sales were flat at $3.097 bn. The company’s consolidated operating profit decreased 3.2% to $2.337 bn, and operating margin came in at 16% compared with 16.9% in the year-ago quarter. However, adjusted earnings per share jumped 9% to $1.82 significantly beating analysts’ average projection of $1.68.In Q2, United Technologies generated cash flow from operations of $1.776 bn, up 29.2% y-o-y, and spent $363 mn on capital investment. Free cash flow for the quarter came in at $1.413 bn. The company also paid dividend of 66 cents per share, which offers a healthy annualized dividend yield of around 2.5%.Despite a soft economic scenario across the globe, United Technologies improved its full year 2016 guidance. The company now expects adjusted earnings per share in the range of $6.45-6.60 per share (prior projection $6.30-6.60) on revenues of $57-58 bn (prior projection $56-58 bn), with organic sales growth of 1-3%. Free cash flow is forecast in the range of 90-100% of net income attributable to common shareowners. United Technologies also plans to repurchase shares worth $3 bn in 2016.Q2 earnings beat helped United Technologies’ shares to break $106 resistance level. I expect the stock to continue to rise, with medium-term target at $115.