United Technologies beats Q3 estimates, sets $12 billion buyback

United Technologies Corp., which employs about 500 in the Charlotte region, posted third-quarter profit that beat analysts’ estimates and approved a $12 billion stock buyback as it deploys cash from asset sales.

Earnings of $1.61 a share topped the $1.54 average of 16 analysts’ estimates compiled by Bloomberg. Sales fell 5.6 percent to $13.8 billion, Connecticut-based UTC said Tuesday in a statement. Analysts had anticipated $14.6 billion.

Chief Executive Officer Gregory Hayes is reshaping the company around building-related products, including Carrier air conditioners, and aviation equipment such as Pratt & Whitney jet engines.

During the quarter, he appointed new leaders in the elevator and climate divisions while agreeing to sell the Sikorsky helicopter unit to Lockheed Martin Corp. for $9 billion in cash.

“United Technologies is executing the strategic plan set forth earlier this year and is focused on maximizing the performance of our core building and aerospace systems businesses under a flatter and more transparent organizational structure,” Hayes said in the statement.

UTC, an aerospace and building systems company, employs about 300 at its Aerospace Systems headquarters in Charlotte, and about 200 in Monroe. The Observer contributed.

This story was originally published October 20, 2015 at 7:31 AM with the headline "United Technologies beats Q3 estimates, sets $12 billion buyback."