United Technologies 4th-quarter earnings rise 23 percent
Net income rose to $1.06 billion, or $1.08 per share, in the three months ended Dec. 31 from $865 million, or 87 cents per share, in the year-ago period.
The result exceeded estimates on Wall Street, where analysts expected profit of $1.06 per share, according to Thomson Financial.
Sikorsky nearly doubled its operating profit to $110 million. Otis benefited from commercial construction and saw profit surge to $648 million from $514 million.
Revenue jumped 15 percent to $14.71 billion from $12.79 billion last year, surpassing Wall Street estimates for $14.08 billion.
Favorable exchange rates accounted for five percentage points of the sales growth. The company said its only weak market was at its Carrier heating and air conditioning unit, where demand slumped because of the U.S. housing crash.
United Technologies reiterated its forecast for profit of $4.65 to $4.85 per share. Analysts expect earnings of $4.85 per share.
Its shares rose 6 cents to $67.30 in premarket trading.
United Technologies operates Otis elevators, Pratt & Whitney jet engines, Hamilton Sundstrand industrial products, Sikorsky helicopters and aircraft, UTC Fire & Security and Carrier.
Revenue of $54.7 billion for 2007 was up 14.5 percent from 2006 and beat Wall Street estimates of $54.08 billion, according to Thomson Financial.
Net income for the year was $4.2 billion, up more than 13 percent and slightly ahead of estimates.
"Although the U.S. economic outlook is mixed, UTC's balance across geographic and product markets should sustain yet another year of double digit earnings per share growth," chief executive George David said in a statement.
United Technologies said that despite a "significant deterioration" in Carrier's North American residential market, its operating profit rose 12 percent on strong performances in its three other global businesses.
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