United Technologies Corp.'s (UTX) fourth-quarter income rose 11%
as the industrial conglomerate reported improved results from its
Pratt & Whitney segment, though revenue in its Carrier business
sank.
The maker of Otis elevators, Pratt & Whitney aircraft
engines and Carrier air-conditioning systems has been making deals
that increase its exposure to the commercial aviation business.
Last year, United Technologies unveiled a $16.4 billion deal to buy
aircraft components maker Goodrich Corp. (GR). It also said it
would end one aircraft-joint venture with Rolls-Royce Holdings PLC
(RYCEY, RR.LN) to start another.
United Technologies reported a profit of $1.33 billion, or $1.47
a share, up from $1.2 billion, or $1.31 a share, a year earlier.
The latest period included a net gain of 1 cent while the
year-earlier period included net charges of 3 cents.
Revenue edged up 0.7% to $14.97 billion.
Analysts polled by Thomson Reuters most recently forecast
earnings of $1.46 on revenue of $15.07 billion.
Gross margin widened to 27.5% from 26%.
Revenue at Pratt & Whitney rose 1.3% and operating profit
improved 12%. Its Carrier heating and cooling business said revenue
dropped 8.8% while profit was up 57%. Otis sales rose 3.3% as
profit improved 7.7%.
Shares of the company, which affirmed its full-year guidance,
closed Tuesday at $77.78 and were inactive premarket. The stock is
up 3.3% over the past three months.
-By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108; ben.rubin@dowjones.com;