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UTC Reports Third Quarter 2016 Results

FARMINGTON, Conn., Oct. 25, 2016 /PRNewswire/ -- United Technologies Corp. (UTX) today reported third quarter 2016 results. All results in this release reflect continuing operations unless otherwise noted.

Third quarter GAAP EPS of $1.74 was up 8 percent versus the prior year and included 2 cents of net restructuring and other significant items. Adjusted EPS of $1.76 was up 5 percent versus the prior year. Net income in the quarter was $1.4 billion, up 1 percent versus the prior year. Sales of $14.4 billion were up 4 percent, driven by 5 points of organic growth partially offset by 1 point of adverse foreign exchange.

"United Technologies delivered another quarter of strong financial performance," said UTC Chairman & Chief Executive Officer Gregory Hayes. "Organic growth across the aerospace units and solid cash generation across all businesses, even with continuing investments in the aerospace related ramp-up, give us high confidence in meeting our commitments to shareholders. Based on our year-to-date performance, we now expect slightly higher organic sales growth and we are raising the low end of our adjusted EPS outlook by ten cents and now expect 2016 EPS of $6.55 to $6.60 per share*.

"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...