Where does utilitarianism sit with Buddhism and vice versa? My understanding of utilitarianism is that value is the result of an action e.g. which actions provide the most happiness. 

There appears to be an overlap between Buddhism and utilitarianism however am unsure how these come together or grow apart in the actions we perform as well as the value of the results. 

EDIT

The answer posted to the question is a good candidate for the commonalities as well as differences.
(Theravada) Buddhism is absolutely utilitarian... that's a pun, see, it's both absolute and utilitarian. I guess the more accurate contrast is moral absolutism and consequentialism (of which utilitarianism is a type).

In Buddhism (again, Theravada, at least), it is certainly the consequences of the action that are important, though only for the actor - the consequences to others (or society, etc.) are, at least technically, discounted:


  Ill done is that action of doing
  which one repents later,
  and the fruit of which
  one, weeping, reaps with tears.
  
  Well done is that action of doing
  which one repents not later,
  and the fruit of which
  one reaps with delight and happiness. 
  
  -- Dhp. 67-8 (Buddharakkhita, trans)


and


  Let one not neglect one's own welfare
  for the sake of another, however great.
  Clearly understanding one's own welfare,
  let one be intent upon the good. 
  
  -- Dhp. 166 (Buddharakkhita, trans)


Of course, it is also understood that actions that one performs knowing they will harm others are generally not in one's own best interest, as they tend to sully the mind. By helping others, one helps oneself, and vice versa.

At the same time, Buddhism is also clearly absolutist on the level of ultimate reality; whereas it acknowledges that physical and verbal acts are morally variable, the mind states that initiate them are not. Since the acts themselves are merely conventional terms describing a sequence of mental states and their physical consequences, it is the nature of the individual mental states themselves that determine the ethical value of the acts.


  katame dhammā akusalā? yasmiṃ samaye akusalaṃ cittaṃ uppannaṃ hoti ... tasmiṃ samaye aññepi atthi paṭiccasamuppannā arūpino dhammā — ime dhammā akusalā.
  
  What dhammas are unwholesome? At whatever time an unwholesome mind has arisen ... at that time, whatever other dependently arisen immaterial dhammas there are - these dhammas are unwholesome.


In brief, acts are only bad because of their consequences, but the consequences are dependent on the nature of the acts (on an ultimate level), so morality is both absolute and utilitarian.