Diversified industrial company
said second-quarter earnings and revenue were stronger than last year, and executives are sticking by their profit forecast for the full year.
The company earned $632 million, or $1.26 a share, in the second quarter, up from $624 million, or $1.23 a share, last year.
Consolidated revenue rose 6% to $7.79 billion from $7.32 billion in the second quarter of 2002.
United said cash flow from operations was $803 million, including a voluntary pension contribution of $100 million. Capital expenditures for the quarter totaled $109 million. Acquisition-related spending was $76 million, the majority for the purchase of Chubb PLC shares.
"These solid results reflect yet again the benefits of UTC's global portfolio and successful cost reduction efforts given an exceptionally weak commercial aviation market and poor economic conditions generally," George David, the company's chairman and CEO, said in a press release. He also affirmed the company's 2003 earnings target of $4.55 to $4.80 a share.
Analysts polled by Thomson First Call expected United to earn $1.23 in the quarter. The full-year consensus projection is $4.63.