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Tuesday, October 21, 2014

United Tech posts broad revenue, order growth; shares up, (NYSE: UTX)

United Technologies Corp on Tuesday posted a rise in quarterly profit, helped by a tax settlement and revenue increases across its aerospace and commercial building segments.The diversified maker of Pratt & Whitney jet engines and Otis elevators said third-quarter revenue rose 4.6 percent, while orders increased across its main business segments.Like those of rivals, shares of the diversified U.S. manufacturer have underperformed the broader market due to concerns about the global economy. The Dow Jones industrial average component's stock was up 2 percent at $103.50 in premarket trading."Clearly, the world is not ending," United Tech Chief Financial Officer Greg Hayes said in an interview. "What we really saw was organic growth across all of the businesses in all of our regions."

United Technologies Corporation (UTC) provides high technology products and services to the building systems and aerospace industries worldwide. Shares of UTX remained unchanged at $101.48. In the past year, the shares have traded as low as $97.30 and as high as $120.66. On average, 4382100 shares of UTX exchange hands on a given day and today's volume is recorded at 11060.