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UTC Reports 22% Third Quarter Growth Oct 18, 2007 |
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United Technologies Corp. reported third quarter 2007 earnings per share of US$1.21 and net income of $1.20 billion, up 22% and 20%, respectively, over the year ago quarter. Revenues for the quarter increased 14% to $13.9 billion and included 9%organic growth. Foreign currency translation and acquisitions accounted for the remainder of the revenue growth. Cash flow from operations was $1.38 billion and capital expenditures were $238 million.
"This was another solid quarter for UTC. Notably, organic revenue growth came in at 9%, following 10% growth in each of the first two quarters of 2007. In addition, five of our six business segments grew profits at double digit rates as markets in general remain healthy and cost reductions continue. While market conditions in Carrier's North American residential business are clearly challenging, its other three global businesses delivered double digit earnings growth," said UTC Chairman and CEO George David.