UTC Quarterly Profits Up, Company Warns Weak Military Market Will Hurt 2013 Numbers
By STEPHEN SINGER, AP Business Writer
HARTFORD, Conn. (AP) _ United Technologies Corp. says third-quarter profit edged up 1 percent on a slight increase in revenue, but warned that a weak military aerospace market will cut into 2013 revenue.
The Hartford, Conn., aerospace and building systems conglomerate said Tuesday that net income for the three months ended Sept. 30 was $1.43 billion, or $1.57 per share, including 2 cents per share from discontinued operations
Revenue of $15.46 billion for the quarter was up 3 percent over the year-ago quarter.
Analysts polled by FactSet, on average, expected earnings of $1.54 per share on revenue of $16.21 billion.
United Technologies cut its revenue estimate for 2013 to about $63 billion from $64 billion, citing weak military aerospace markets and the slow economic recovery in Europe. Analysts expected $63.85 billion.
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