United Tech profit beats Street after Goodrich buyout

Tue Apr 23, 2013 7:40am EDT

(Reuters) - Diversified U.S. manufacturer United Technologies Corp (UTX.N) reported a better-than-expected profit on Tuesday, helped in part by its 2012 buyout of aircraft components maker Goodrich.

The $16.5 billion play for Goodrich boosted United Tech's portfolio of wheels, brakes, gyroscopes and other aircraft materials in high demand from the world's top airlines and aircraft manufacturers.

Louis Chenevert, United Tech's chief executive, said the Goodrich acquisition, as well as a deal to take control of engine maker IAE, was "exceeding our expectations and creating new opportunities for long term organic growth."

United Tech, also the world's largest maker of elevators and air conditioners, posted first-quarter profit of $1.27 billion, or $1.39 per share, compared with $330 million, or $1.31 per share, in the year-earlier period.

The year-before figures included a one-time charge for discontinued operations.

Analysts had expected first-quarter earnings of $1.30 per share, according to Thomson Reuters I/B/E/S.

Revenue rose 16 percent to $14.39 billion, slightly missing the $14.94 billion estimate from Wall Street.

United Tech stood by its forecast for 2013 earnings per share of $5.85 to $6.15 and 2013 revenue of $64 billion to $65 billion.

The Hartford, Connecticut-based company's shares have gained 14 percent so far this year, closing Monday at $93.63.

(Reporting by Ernest Scheyder; Editing by Jeffrey Benkoe and Gerald E. McCormick)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.