HARTFORD, Conn. (
reported fourth-quarter earnings of $1.1 billion, or $1.15 a share, a penny above analysts' estimates, as cost controls led to higher margins.
Analysts surveyed by Thomson Reuters expected United Technologies to earn $1.14 a share.
Revenue in the quarter was $14.1 billion, down from year-earlier revenue of $14.77 billion. Analysts forecast revenue of $13.84 billion.
United Technologies, a component of the
Dow Jones Industrial Average
, said segment operating margin at 13.7% was 110 basis points higher than last year; adjusted for restructuring costs and one-time items, segment operating margin was 150 basis points higher.
"Year over year order rates have remained stable, although at low levels, and we saw increases in some Asian economies, notably China," said Chairman and CEO Louis Chenevert, n a statement Wednesday. "While order rates will keep pressure on our top line, particularly in the first half of 2010, we anticipate that benefits from structural cost actions will allow us to deliver earnings growth of 7% to 13% with 2010 earnings per share of $4.40 to $4.65."
Analysts see 2010 earnings of $4.60 a share.
-- Reported by Joseph Woelfel in New York.
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