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United Tech Profit Jumps

The conglomerate backs its 2008 guidance.
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United Technologies

(UTX) - Get n.a. Report

reported a 23% rise in fourth-quarter earnings, narrowly getting by analysts' expectation, and reiterated its profit forecast for 2008.

The Hartford, Conn., industrial conglomerate posted earnings of $1.06 billion, or $1.08 a share, for the fourth quarter. A year earlier, the company's profit was $865 million, or 87 cents a share.

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Revenue rose to $14.71 billion from $12.79 billion the prior year.

The results topped analysts' average estimates for earnings of $1.07 a share and revenue of $14.09 billion, according to Thomson Financial.

For 2008, United Tech backed its prior guidance for earnings of $4.65 to $4.85 a share. Analysts' current target calls for earnings per share of $4.85.

"Although the U.S. economic outlook is mixed, UTC's balance across geographic and product markets should sustain yet another year of double digit earnings per share growth," said UTC Chairman and Chief Executive George David in a statement.

This article was written by a staff member of