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Sales, Profits Down Across UTC In Third Quarter; Plans $12 Billion Stock Buyback

Cal Biesecker By
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Sales, Profits Down Across UTC In Third Quarter; Plans $12 Billion Stock Buyback
UTC Chairman and CEO Gregory Hayes. Photo: UTC

United Technologies [UTX] on Tuesday posted lower sales and earnings in the third quarter across its operating segments due to impacts from adverse foreign exchange, lower organic revenue and restructuring costs.The multi-industrial company also said the sale of its Sikorsky Aircraft division to Lockheed Martin [LMT] is expected to close during the fourth quarter and announced a new $12 billion share repurchase program that includes $6 billion for accelerated buybacks using the net proceeds from the Sikorsky deal.Sales fell 6…

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