United Technologies (UTX), a provider of high technology products and services to the building and aerospace industries, posted decent results for the third quarter of 2016. Revenues increased 4.1% y-o-y to $14.354 bn and surpassed consensus estimate of $14.27 bn. Despite volatility in foreign currency, revenues of most of the company's segments improved. Revenues at Climate Controls & Security improved 3.2% to $4.415 bn. Pratt & Whitney revenues jumped 8.3% to $3.501 bn, and Aerospace Systems’ sales went up 5.5% to $3.646 bn. Otis net sales declined 0.8% to $3.018 bn, however, new equipment orders in this segment rose 2% at constant currency. The company’s consolidated operating profit decreased 2.2% to $2.251 bn, and operating margin came in at 15.9% compared with 17.2% in the year-ago quarter. At the same time adjusted earnings per share grew 5.4% to $1.76 comfortably beating analysts’ average projection of $1.66.In Q3, United Technologies generated cash flow from operations of $1.951 bn compared with $1.021 bn in the year-ago quarter and spent $394 mn on capital investment. Free cash flow for the quarter came in at $1.557 bn. During the reported quarter, the company completed its $6 bn accelerated share repurchase and is on track to return $22 bn in cash to shareholders from 2015 through 2017. A quarterly dividend was 66 cents per share, which offers a healthy annualized dividend yield of around 2.6%.Despite a soft economic scenario across the globe, United Technologies improved its earnings per share 2016 guidance. For full year 2016, the company now expects adjusted EPS in the range of $6.55-6.60 (prior projection $6.45-6.60) on revenues of $57-58 bn, with organic sales growth of 2-3%. The company reaffirmed its acquisition expectation of $1-2 bn and free cash flow guidance in the range of 90-100% of net income attributable to common shareowners.Shares of United Technologies have rebounded from $100 support level. I expect the stock to continue to rise, with medium-term target at $115.