United Technologies Profit Beats Estimates on Plane Components

Tuesday, 22 Oct 2013 09:01 AM

 

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United Technologies Corp., the world's largest maker of elevators and air conditioners, raised the low end of its 2013 profit forecast on Tuesday, citing cost savings from restructuring and improving sales trends.

But the diversified manufacturer, which also produces Pratt & Whitney jet engines and Black Hawk helicopters, cut its projection for full-year revenue to roughly $63 billion from $64 billion.

The company said third-quarter net income rose to $1.43 billion, or $1.57 per share, from $1.42 billion, or $1.56 per share, a year earlier, including discontinued operations.

Earnings from continuing operations increased to $1.55 per share from $1.37, topping the analysts' average estimate by a penny, according to Thomson Reuters I/B/E/S.

Revenue rose 2.8 percent to $15.46 billion.

United Tech now expects full-year earnings of $6.10 to $6.15 per share, raising the low end from $6.00.

© 2014 Thomson/Reuters. All rights reserved.

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