United Technologies Profit Slides on Large Restructuring Charge
(This is a breaking news article. Please check back for updates on this story.)
United Technologies reported earnings Wednesday that topped expectations, but profit declined amid large restructuring charges that saw the company close its largest-ever acquisition and sell several small units.
The company's shares rose 0.6 percent in pre-market trading before the opening bell, following the news. (Click here for the latest pre-market quotes.)
Earnings excluding items fell to $1.04 per share from $1.47 a share in the year-earlier period. The results included 25 cents per share of restructuring charges and other one-time items
Revenue improved to $16.4 billion from $14.97 billion a year ago.
Wall Street had expected United Technologies to report earnings excluding items of $1.03 a share on $16.63 billion in revenue, according to Thomson Reuters consensus estimates.
The company backed its full-year 2013 earnings guidance of $5.85 to $6.15 a share, compared with analysts' consensus estimates of about $6.04 a share. Sales were forecast in the range of $64 billion to $65 billion.
Revenue at United Tech, the world's largest maker of elevators and air conditioners, rose 14.4 percent to $16.44 billion from $14.38 billion a year earlier.
Hartford, Connecticut-based United Tech last year closed its $16.5 billion takeover of aircraft components maker Goodrich and sold or are selling units that make products including wind turbines, fuel cells and industrial pumps.
—Reuters contributed to this article.