United Technologies Profit Slides on Large Restructuring Charge
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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.
