Farmington conglomerate United Technologies Corp. on Tuesday said its third quarter revenues grew by 10 percent thanks to increased demand for its aircraft parts and engines.
Its profits, however, fell 7 percent as higher costs offset the sales uptick.
For the quarter ended Sept. 30, the maker of Otis Elevators, Carrier Air conditioners and Pratt & Whitney jet engines, posted net income of $1.2 billion, or $1.54 a diluted share, down 7 percent from $1.3 billion, or $1.67 a diluted share, it reported in the year-ago period.
UTC’s net sales rose to $16.5 billion, up 10 percent over the third quarter in 2017 when it recorded $15.06 billion.
Sales were up across UTC’s four business segments, including 24 percent at East Hartford jet-engine maker Pratt & Whitney to over $4.7 billion; 8.7 percent at UTC Aerospace Systems to $3.9 billion; 4.1 percent at UTC Climate, Controls & Security to $4.8 billion; and 2.1 percent at Otis elevator to $3.2 billion.
UTC also raised its 2018 earnings per share outlook to the range of $7.20 to $7.30.
The third quarter figures do no reflect UTC’s pending $30 billion acquisition of Iowa avionics manufacturer Rockwell Collins, a deal originally expected to close in the third quarter.
Earlier this month, the U.S. Department of Justice inked an agreement to allow UTC to acquire Rockwell Collins contingent on it making two divestitures.
If approved by regulators, Rockwell Collins is slated to combine with UTC Aerospace Systems to create a new business called Collins Aerospace Systems.
