United Technologies Corp. [UTX] on Wednesday reaffirmed its earnings guidance for 2014 and said it plans to increase the amount of money devoted to its stock buybacks this year.
The company is adding $100 million to its level of share repurchases, bringing planned expenditures to $1.35 billion. In July, UTC boosted its expected level of spending on share repurchases for the year by $250 million to $1.25 billion based on based on its outlook for strong cash flow.
UTC’s per share earnings guidance for 2014 stands at between $6.75 and $6.85. In July, the company raised the low-end of its guidance range by a dime based on strong earnings so far this year combined with growth trends and existing backlog.