United Technologies posts 3rd-quarter profit rise

United Technologies on Tuesday posted a rise in quarterly profit, helped by a tax settlement and earnings increases across most of its aerospace and commercial building segments.

The diversified U.S. manufacturer said third-quarter net income rose to $1.85 billion, or $2.04 per share, from $1.43 billion, or $1.57 per share, a year earlier.

United Tech said earnings were $1.82 per share, excluding favorable items and restructuring costs. Analysts on average were looking for $1.81, according to Thomson Reuters I/B/E/S.

Revenue rose 4.6 percent to $16.17 billion, in line with analysts' estimates.

The company backed its full-year earnings and revenue forecasts.

Shares of United Tech through Monday had declined about 11 percent this year, underperforming the broader market, after a big run in 2013.