A message from Pratt & Whitney Chief Financial Officer David Porter
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Earlier today, UTC released its third-quarter earnings. Pratt & Whitney delivered 10% year-over-year sales growth, 15% operating profit growth and cash flow in line with our expectations. Here are a few highlights of Pratt & Whitney's third-quarter performance:
- Sales of $5.3 billion compared to $4.8 billion in the third quarter of 2018.
- Adjusted Operating Profit of $471 million, compared to $409 million in last year’s third quarter.
- Cash Flow objectives for the third quarter were achieved, resulting in approximately 70% of our full-year cash commitment achieved year to date through September.
We delivered sales and operating profit growth across all three businesses. On the earnings call today, UTC highlighted the favorable mix of large commercial engine sales, higher Pratt & Whitney Canada engine shipments and the continued ramp of the F135 program. Commercial and military aftermarket sales were also up in the quarter.
In the third quarter we grew the top line, managed costs and delivered on our commitments. We’ve demonstrated what we can do together through the first three quarters of the year which positions us well for the full year as we enter the fourth quarter.
We’re on track to deliver our full-year sales, operating profit and cash flow commitments. I thank each of you for all you’ve done to date and the work we’ll do together to close the year successfully.
Together, we go beyond.
David