United Technologies Corp. (UTX) announced the company now expects slightly higher organic sales growth and increased the low end of its adjusted EPS outlook by ten cents and now expects 2016 EPS of $6.55 to $6.60, up from prior guidance of $6.45 to $6.60. Analysts polled by Thomson Reuters expect the company to report profit per share of $6.58. Analysts' estimates typically exclude special items.
The company continues to expect total sales in a range of $57 to $58 billion, year over year growth of 2 to 3 percent, including organic sales growth of 2 to 3 percent up from 1 to 3 percent.
UTC CEO Gregory Hayes, said: "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."
Third-quarter GAAP EPS was $1.74, up 8 percent versus the prior year and included 2 cents of net restructuring and other significant items. Adjusted EPS was $1.76, up 5 percent versus the prior year. Sales were $14.4 billion, an increase of 4 percent, driven by 5 points of organic growth partially offset by 1 point of adverse foreign exchange.
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