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UTC’s Sales, Earnings Tumble But Margins Up On Cost Cutting

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By Calvin Biesecker United Technologies [UTX] yesterday reported double-digit declines in third quarter sales and earnings due to weakness in most of its markets, although aggressive restructuring enabled the multi-industrial firm to boost its overall segment operating margins. Net income fell 17 percent to $1.1 billion, $1.14 earnings per share (EPS), from $1.3 billion ($1.13 EPS) a year ago, beating consensus estimates by two cents. The quarterly results included 13 cents EPS in restructuring costs after one-time gains versus three…

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