United Tech's Fourth-quarter Eearnings Rise 18 Percent
United Technologies reported today an 18 percent increase in fourth-quarter earnings, boosted by strong revenue improvements in its world-leading Otis elevator and Carrier air-conditioner businesses.
The Hartford, Conn.-based industrial and technology company, a component of the blue-chip Dow Jones industrial average, said net income rose to $426 million or 84 cents per share, from $362 million or 70 cents a share in the year-earlier quarter.
Analysts on average had forecast earnings of 83 cents per share, according to estimates compiled by First Call/Thomson Financial.
"We turned in another solid quarter, with earnings per share up 20 percent even after a 4-cent adverse foreign-exchange impact," said George David, United Technologies' chairman and chief executive officer.
"Our outlook remains more of the same in 2001, with earnings per share growth anticipated at 15 percent, and available cash flow in the range of net income," David said.
"While the U.S. economy is slowing, UTC's global and product diversity and our continuing and successful efforts to improve performance throughout our operations sustain these expectations," he said.
For all of 2000, diluted earnings per share rose 18 percent to $3.55 on net income of $1.81 billion, from $3.01 and $1.53 billion, respectively, in 1999. The 2000 earnings per share matched Wall Street expectations, according to First Call/Thomson Financial.
Fourth-quarter revenues rose 4 percent to $6.8 billion, from $6.5 billion a year ago.
In addition to Otis and Carrier, United Technologies owns aircraft-engine maker Pratt & Whitney, helicopter maker Sikorsky Aircraft, and aerospace-components firm Hamilton Sundstrand, maker of the NASA space suit.
Operating profit at Otis grew by 14 percent in the quarter on revenue growth of 4 percent. Before the adverse impact of foreign currency translation, however, operating profit rose by 26 percent on revenue growth of 13 percent.
Pratt & Whitney's operating profit rose by 21 percent to $333 million, helped by lower costs in its commercial business and strong performance in its military business. BACK TO TOP