United Technologies Corporation (UTX – Free Report) continued its earnings beat streak, as it reported third-quarter 2016 adjusted income (from continuing operations) of $1.76 per share, comfortably ahead of the Zacks Consensus Estimate of $1.68. The figure also compared favourably with the prior-year quarter tally of $1.67 per share, reflecting growth of 5.4%.

The company’s bottom line benefited from organic sales growth, driven by robust performance of the company’s aerospace businesses.

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GAAP net income (from continuing operations) was $1,443 million compared with $1,427 million in the year-ago quarter.

Net sales for third-quarter 2016 improved to $14,354 million from $13,788 million in the year-earlier quarter, but lagged the Zacks Consensus Estimate of $14,400 million. The growth in revenues was primarily attributable to improved performances from all segments, except Otis.

New equipment orders at Otis were up 2% from the year-earlier quarter at constant currency. UTC Climate, Controls & Security equipment orders remained flat. Commercial aerospace aftermarket sales rose 2% at UTC Aerospace Systems and 11% at Pratt & Whitney. Further, commercial and residential HVAC orders in the Americas were up 10% and 11%, respectively.

Segment Results

Despite persistent volatility in foreign currency, revenues of most of the company’s segments during the reported quarter were higher than the prior-year quarter.

Revenues at UTC Climate Controls & Security were $4,415 million, up 3.2% from $4,454 million in the year-ago quarter. Pratt & Whitney revenues increased to $3,501 million from $3,234 million in the year-ago quarter. UTC Aerospace Systems’ sales were up 5.5% to $3,646 million from $3,457 million in third-quarter 2015. However, Otis net sales fell 0.8% to $3,018 million.

Operating profit at UTC Climate Controls & Security increased 3.9% year over year to $872 million. Pratt & Whitney’s operating profit decreased to $340 million from $419 million in the year-earlier period, while UTC Aerospace Systems’ operating profit improved 4.9% year over year to $600 million. Operating profit at Otis declined significantly to $584 million in the reported quarter from $642 million in the prior-year quarter.