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United Technologies profit tops Wall Street estimates

United Technologies
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United Technologies

United Technologies, the world's largest maker of elevators and air conditioners, reported a rise in fourth-quarter profit that topped Wall Street estimates, helped by stronger performances across its businesses.

Revenue at United Technologies, which also produces Pratt & Whitney jet engines and Black Hawk helicopters, rose 1.9 percent to $16.76 billion, it said on Wednesday. That was about $330 million short of analysts' expectations.

United Technologies had improved its 2013 earnings outlook in recent quarters, as cost cuts offset weaker revenue than it expected at the start of the year.

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Net income fell 29 percent to $1.46 billion due to a big year-earlier gain from the sale of several industrial businesses.

But earnings from continuing operations jumped 53 percent to $1.45 billion, or $1.58 per share. That topped the average analyst estimate of $1.53 per share, according to Thomson Reuters I/B/E/S.

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United Technologies also backed its 2014 financial targets, which the company set last month.

United Technologies shares were lower in premarket trading following the report. (Click here to get the latest quote.)

By Reuters

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