United Tech profit up 19 percent, raises 2011 view
BOSTON (Reuters) - United Technologies Corp (UTX.N) posted an 18.9 percent rise in second-quarter earnings, citing growth across all its units, and the diversified manufacturer raised its 2011 profit forecast for a third time.
The world's largest maker of elevators and air conditioners, which also makes jet engines and Black Hawk military helicopters, said on Wednesday that net income attributable to common shareholders came to $1.32 billion, or $1.45 per share, compared with $1.11 billion, or $1.20 per share, a year earlier.
The Hartford, Connecticut-based company now looks for earnings of $5.35 to $5.45 per share. Its initial 2011 forecast, issued in December, had called for a profit of $5.05 to $5.35.
Revenue rose 9.2 percent to $15.08 billion from $13.8 billion.
"Order rates remain strong and in line with expectations across most of the segments, including our longer-cycle commercial-construction-related businesses," said Chief Executive Officer Louis Chenevert.
United Tech's competitors include Eurocopter, a unit of EADS (EAD.PA), in helicopters; General Electric Co (GE.N) in jet engines; and ThyssenKrupp AG (TKAG.DE) in elevators.
Shares of United Tech were up 1.6 percent at $90.20 in trading before the market opened.
At Tuesday's close, the stock was up 11.3 percent this year, outperforming a 7 percent rise for the Dow Jones industrial average .DJI.
(Reporting by Scott Malone; Editing by Lisa Von Ahn)
- Housing, jobs data weaken, but overall economic picture still upbeat
- Last-minute Obamacare exemption for those with canceled plans
- UPDATE 6-Target cyber breach hits 40 mln payment cards at holiday peak
- New York Mayor-elect's reputation for lateness parodied on Twitter
- Target cyber breach hits 40 million payment cards at holiday peak |