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United Tech's quarterly profit slumps 8 pct
October 24, 2017 / 11:03 AM / 24 days ago

United Tech's quarterly profit slumps 8 pct

Oct 24 (Reuters) - United Technologies Corp reported a 7.8 percent drop in quarterly profit on Tuesday, partly as it spends on increasing production of its fuel-saving geared turbofan aircraft engines.

The maker of Otis Elevators, Pratt & Whitney aircraft engines and Carrier air conditioners said income from continuing operations attributable to shareholders fell to $1.33 billion, or $1.67 per share, in the third quarter ended Sept. 30, from $1.44 billion, or $1.74 per share, a year earlier.

On an adjusted basis, the company earned $1.73 per share, compared with $1.76 per share a year earlier.

Net sales rose about 5 percent to $15.06 billion. (Reporting by Ankit Ajmera in Bengaluru; Editing by Martina D‘Couto)

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