United Tech Gets Lift From Commercial Aerospace (Update 1)
- United Technologies, the industrial giant, reported a fourth-quarter profit of $1.33 billion, or $1.47 a share.
- Revenue was $14.97 billion.
- Analysts polled by Thomson Reuters expected earnings of $1.46 a share on revenue of $15.07 billion.
- In the year-earlier fourth quarter, United Technologies earned $1.2 billion, or $1.31 a share.
NEW YORK (
) -- United Technologies' fourth-quarter profit and sales received a lift from its Pratt & Whitney and Otis divisions.
Pratt & Whitney, the engine maker, had sales of $3.6 billion in the fourth quarter and about $13.43 billion for 2011. Elevator maker Otis had fourth-quarter sales of about $3.2 billion and full-year sales of roughly $12.44 billion.
Otis had operating profit of $711 million in the fourth quarter and $2.82 billion for the year. Pratt & Whitney posted operating profit of $539 million and $2 billion, respectively.
United Technologies said commercial aerospace is one area with the potential to have a strong performance in 2012.
"We remain confident in our ability to deliver 2012 earnings per share of $5.80 to $6.00, up 6% to 9%, for our base business excluding the pending Goodrich transaction, which remains on track to close mid-year," CEO Louis Chênevert said in a statement. "While we see ongoing volatility in foreign exchange rates, we continue to see strength in commercial aerospace and growth in emerging markets."
Shares of United Technologies slipped 8 cents in premarket trading Wednesday to $77.70.
United Technologies gets a B grade from
TheStreet Ratings
with a buy rating and a price target of
.
-- Written by Alexandra Zendrian
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