United Technologies reports rise in third-quarter earnings

United Technologies today reported third-quarter 2011 earnings per share of $1.47 (£1.28) and net income attributable to common shareowners of $1.3bn (£1.1bn), up 13 per cent and 11 per cent respectively, over the same quarter last year.  

Sales of $14.8bn (£12.9bn) for the quarter were nine per cent above prior year, including six points of organic growth and four points of favourable foreign currency translation. Cash flow from operations was $2bn (£1.7bn) and capital expenditures were $215m (£188m) in the quarter.

Results for the quarter included $0.06 (£0.05) per share of restructuring charges, partially offset by $0.04 (£0.03) of net one-time items. The prior year quarter included charges for restructuring and net one-time items of $0.09 (£0.08) per share. Before these items, earnings per share increased $0.10 (£0.09) or seven per cent year over year. 

Foreign currency translation net of currency impact at Pratt & Whitney Canada accounted for $0.04 (£0.03) of the earnings per share increase.

Third-quarter segment operating margin was 16 per cent. Adjusted for restructuring costs and one-time items, segment operating margin at 16.3 per cent was 10 basis points lower than prior year. Research and development costs increased year over year by $62m (£54m) to $495m (£432m).