Profit Surges at United Tech

Shares of United Technologies (UTX) rose in early trading Wednesday after the company said second-quarter earnings rose by nearly one-third, easily beating Wall Street estimates.

The Hartford, Conn.-based aerospace technology provider said net income rose to $837 million, or $1.66 a share, from $632 million, or $1.26 a share, in the same period last year. Sales were $9.62 billion, up from $7.79 billion in the prior year.

Analysts had forecast earnings of $1.58 a share on revenue of $9 billion, according to Thomson First Call.

The company attributed its strong quarterly results to double-digit revenue growth at its Carrier unit, "exceptional" performance at its Otis division, a recovery in the commercial aerospace aftermarket and the acquisition of Chubb, which generated $35 million in operating profit.

In addition, favorable foreign exchange added 4 cents a share to the company's bottom line, while higher interest income and an income tax benefit adjustment added 14 cents a share, although the company did record $156 million in restructuring.

Due in part to the strong results, the company guided higher for the full year, and now expects to earn $5.40 to $5.50 a share, above analysts' estimates of $5.28 a share.

Shares of United Technologies were recently up $1.84, or 2%, to $92.41 in Wednesday trading.

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