HARTFORD, Conn. — United Technologies Corp. (UTC) reported that its Climate, Controls & Security (CSS) unit experienced a double-digit increase in the third quarter, as profits rose 10% to nearly $700 million, during the firm’s financial earnings report Tuesday.
UTC also reported revenue for the third quarter totaled $15.5 billion, a 3% increase compared to last year, but still missing analysts’ predictions of $16.18 billion.
The company reported a net income of $1.43 billion, or $1.55 per share, up 13% from the same period last year when UTC brought in $1.41 billion, or $1.37 per share.
In addition to its profit increase, CSS, a combination of UTC’s Carrier heating and cooling units, and its fire detection, security and surveillance, and building automation, saw a 13% increase in equipment orders.
The manufacturer, which also produces Pratt & Whitney jet engines, Black Hawk helicopters and Otis elevators and escalators, plans to invest $500 million in restructuring this year. Additionally, the company raised the low end of its 2013 earnings guidance.
“Our solid year to date results, additional restructuring savings, and improving sales trends give us confidence to increase the lower end of our earnings per share range,” says UTC Chairman and CEO Louis Chênevert. “We now expect 2013 earnings per share of $6.10 to $6.15, growth of 14 to 15%, up from $6 to $6.15 previously.”
UTC also lowered its sales forecast from $64 billion to $63 billion.