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United Technologies profit rises on Goodrich buyout

Tuesday, 23 Jul 2013 | 7:06 AM ET
Visitors look at a PurePower PW1500 aircraft engine manufactured by Pratt & Whitney, a unit of United Technologies Corp.
Chris Ratcliffe | Bloomberg | Getty Images
Visitors look at a PurePower PW1500 aircraft engine manufactured by Pratt & Whitney, a unit of United Technologies Corp.

United Technologies, the world's largest maker of elevators and air conditioners, reported higher second-quarter net income, helped mostly by its 2012 buyout of aircraft parts manufacturer Goodrich.

The company, which also makes Pratt & Whitney jet engines and Black Hawk helicopters, posted income of $1.56 billion, or $1.70 per share, compared with $1.33 billion, or $1.62 per share, a year earlier.

Revenue rose 16 percent to $16 billion.

United Tech raised the low end of its 2013 earnings forecast. The company previously expected to earn $5.85 to $6.15 per share this year, and now expects to earn at least $6 to $6.15.

Analysts had expected United Technologies to report earnings excluding items of $1.57 a share on $16.37 billion in revenue, according to a consensus estimate from Thomson Reuters.

Shares of United Technologies were lower in pre-market trading. (Click here to get the latest quote.)

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