Updated from 7:40 a.m. EST

United Technologies

, the owner of jet engine manufacturer Pratt & Whitney, Sikorsky Aircraft, and Otis elevators, reported fourth-quarter net income of $1.15 billion, or $1.23 a share, an increase of 8% from $1.06 billion, or $1.08 a share, a year earlier.

The latest quarter includes a gain of 6 cents a share.

The company, a component of the

Dow Jones Industrial Average

, said Wednesday that sales fell 1% to $14.5 billion from $14.7 billion a year earlier, hurt by the impact of the stronger dollar on its overseas results.

Analysts surveyed by Thomson Reuters expected United Technologies to report fourth-quarter earnings of $1.22 a share.

The company said "difficult economic conditions" impacted its order rates and said it expects "tough compares during the first half of 2009."

United Technologies said restructuring costs were $136 million in the fourth quarter and reached $357 million in 2008. It expects to accelerate its 2009 restructuring and launch about $150 million of actions in the first quarter.

The company confirmed it expects 2009 earnings of $4.65 to $5.15 a share, a range of plus or minus 5%, excluding the impact of any acquisition related costs resulting from the adoption of an accounting standard.

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