NEW YORK (TheStreet) -- Shares of United Technologies (UTX) are rising nearly 1% at last check after the diversified manufacturer reported better-than-expected profit for the fourth quarter. United Technologies said profit was boosted by the fact that the company did not ship eight helicopters that it had expected to.
That helped results as those helicopters are unprofitable for the company. However, the fact that those helicopters were not delivered weighed on revenue. United Technologies reported total revenue that rose nearly 2% but still came in about $330 million shy of analyst expectations.
VIDEO TRANSCRIPT:
Shares of United Technologies are rising nearly 1% at last check after the diversified manufacturer reported better-than-expected profit for the fourth quarter.
United Technologies said profit was boosted by the fact that the company did not ship eight helicopters that it had expected to. That helped results as those helicopters are unprofitable for the company. However, the fact that those helicopters were not delivered weighed on revenue. United Technologies reported total revenue that rose nearly 2% but still came in about $330 million shy of analyst expectations.
Earnings did beat expectations. Earnings from continuing operations rose 53% to $1.58 a share, exceeding analyst estimates of $1.53 a share, according to Thomson Reuters.
Looking forward, the company reiterated its 2014 financial targets. In New York, I'm Brittany Umar for TheStreet.
Written by Brittany Umar in New York.
