UTC Profits Up 11.7% In Fourth Quarter
By STEPHEN SINGER, AP Business Writer
HARTFORD, Conn. (AP) _ Stronger results from United Technologies Corp.’s airline business and heating and cooling building systems operations helped push its profit up 11.7 percent for the fourth quarter.
It adjusted earnings beat Wall Street estimates, but its guidance for 2011 suggests it earnings could be below current
Its shares gained 2 cents at $81.75 in pre-market trading.
The Hartford manufacturer of jet engines, elevators, heating and cooling equipment and other aerospace and building components said Wednesday that net income rose to $1.2 billion, or $1.31 per share.
That’s up from $1.07 billion, or $1.15 a share, a year ago.
Revenue rose 6 percent to $14.86 billion.
The latest results include a 3 cent a share charge for restructuring and one-time items.
Analysts polled by FactSet expected United Technologies to earn $1.29 per share on revenue of $14.72 billion in the fourth quarter.
The parent company of jet engine maker Pratt & Whitney, Otis elevator, Sikorsky Aircraft and other businesses said new equipment orders at Otis were up 11 percent over last year’s fourth quarter and new orders for heating, ventilating and air conditioning equipment at Carrier rose 21 percent.
In addition, United Technologies, based in Hartford, said spare part orders for commercial airline jet engines at Pratt & Whitney’s large engine business jumped 45 percent and by 31 percent at aerospace subsidiary Hamilton Sundstrand.
Revenue in the October-December quarter was up at each of United Technologies’ subsidiaries, except Otis elevator, which posted revenue of $3.11 billion, down slightly from the year-earlier quarter.
“End markets are recovering consistent with our expectations,” CEO Louis Chenevert said.
Net income for 2010 was $4.37 billion, up 14 percent from 2009. Per-share earnings were $4.74 per share, and revenue was $54.33 billion.
United Technologies backed its 2011 earnings per share outlook of $5.05 to $5.35 on revenue of between $56 billion and $57 billion. Analysts expect earnings of $5.32 a share on revenue of $56.86 billion.
(Copyright 2011 by The Associated Press. All Rights Reserved.)