Oct. 20--United Technologies Corp. today reported better than expected third quarter earnings, helped by massive cost cutting.

Connecticut's largest private employer reported net income of $1.1 billion for the quarter, down 17 percent from a year ago, on sales of $13.4 billion, down 11 percent from a year earlier.

Earnings per share were $1.14, down 14 percent, but better than most Wall Street analysts expected. The consensus forecast was $1.12. This result includes $0.13 per share in restructuring costs net of one time gains. Excluding costs and gains, earnings per share fell 7 percent, the company said.

"Order rates for most of our businesses have largely stabilized, although the shape of recovery is still uncertain," Chief Executive Louis Chenevert said in a statement.

The company revised its full-year earnings forecast to $4.10 per share, within its last forecast range. The company said it would spend $800 million on restructuring this year, up from the $750 million it had been estimating.

Chenevert repeated his oft-made statement that the company is in a position to "resume earnings growth in 2010."

Through its subsidiaries, Hartford-based UTC makes jet engines, helicopters, elevators, air conditioners and other industrial equipment.

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