![]()
| As of Wednesday, November 25th: |
LATEST EARNINGS RESULTS
- US Bonds Pare Losses After 7-Year Auction
- New-Home Sales Jump to Highest Level in Over Year
- Judge Erases Couple's $525,000 Mortgage Payment
- Claims Level Suggests End to Job Losses
- Consumers Catching the Holiday Spirit
- Airlines Hit With Penalties for Stranding Passengers
- Consumer Mood Improves, but Anxiety Over Finances
- Jobless Claims Below 500,000, Durable Orders Slip
- US Said It Will Reduce Emissions by 17% by 2020
- It's Beginning To Look A Lot More Riskless
- Crescenzi: Claims Level Suggests End to Job Losses
- Hedge Funds Take Early Lead in Warren Buffett's 'Big Bet'
- S&P Stocks Trading at New 52-Week Highs
- 4 Food Stocks to Stuff in Your Portfolio: Analyst
- S&P at 1050-1200 Trading Range Next Year: Strategist
- Treasury On Mortgage Modifications
- Blue Jeans Expected to See Another Green Christmas
- Investors Thankful for Gains This Year
MOST SHARED
- Ritz-Carlton ?Struggling? in the US: President
- Garlic Price Rises Surpass Gold, Stocks in China
- Half of Banks' Losses May Still Be Hidden: IMF Head
- New-Home Sales Jump 6.2% To Highest Level in Over Year
- Oil Price to Average $75.40 in 2010: Poll
- Jobless Claims Below 500,000, Durable Orders Slip
- Americans Ditch Planes for Trains this Thanksgiving
- The 'Real' Jobless Rate: 17.5% Of Workers Are Unemployed
- Consumer Mood Improves, But Anxiety Over Personal Finances
Diversified manufacturer United Technologies reported better-than-expected quarterly profit Thursday on solid demand for Otis elevators and fire and security equipment from the commercial construction sector, sending its shares up almost 5 percent.
![]() |
The world's largest maker of elevators and air conditioners also raised its full-year profit forecast, saying it was managing its way through a slowing economy and moderating demand for its aircraft components.
"You've got a very diversified company in a variety of different businesses that's extremely well managed," said Jim Huguet, chief executive of Great Companies, a Tampa, Florida-based money manager with about $300 million in assets, including United Tech shares. "I'm not surprised they did well."
United Tech [UTX
Loading...
()
] said second-quarter earnings rose 11 percent to $1.28 billion, or $1.32 per share, from $1.15 billion, or $1.16 per share, a year earlier.
Analysts, on average, had expected a profit of $1.30 per share, according to Reuters Estimates.
Profit growth was sharpest at its Otis elevator and Sikorsky helicopter units; earnings at its Carrier air conditioner operations, which are influenced by rising metals prices, were marginally lower.
Revenue rose 12.7 percent to $15.67 billion.
The company said it now expects full-year profit of $4.80 to $4.95 per share, up from a prior forecast of $4.65 to $4.85. Wall Street expects $4.88.
"While the challenges in the world's economies we saw at the outset of the year are materializing, especially with higher oil prices impacting the airlines and the U.S. economy generally, we remain confident in our ability to deliver on this increased guidance," Louis Chenevert, who took over as United Tech chief executive in April, said in a statement.
Moderating Aviation Demand
Chenevert said the company is "seeing some moderation" in demand for spare parts from the aviation sector.
Surging fuel prices are hammering the airline industry. AMR [AMR
Loading...
()
], parent of American Airlines, and Delta Air Lines [DAL
Loading...
()
] reported large quarterly losses on Wednesday, and orders at this week's Farnborough air show, the biggest such event in the world, have been well off their recent torrid pace.
"It is a test," said Huguet. "The airline industry is changing pretty dramatically. The offset is that other countries outside of the United States do not seem to be in as much of a slowdown" in air traffic.
United Tech shares rose $2.99 to $64.10 in premarket trading, up from a $61.11 close Wednesday on the New York Stock Exchange.
As of Wednesday's close, the shares were down 20 percent this year, compared with a 15 percent decline for the Dow Jones industrial average, of which United Tech is a component.
United Tech's main competitors include General Electric [GE
Loading...
()
], the parent of CNBC and CNBC.com, in jet engines, EADS subsidiary Eurocopter in helicopters, and Swiss Schindler Holding in elevators.
Hartford, Connecticut-based United Tech in March made an unsolicited $2.64 billion bid for Diebold [DBD
Loading...
()
], the No. 2 maker of automated teller machines. United Tech officials say Diebold management has declined to enter negotiations, and Chenevert says he will not pursue the takeover without a chance to scrutinize Diebold's books.
- TiVo Reports Quarterly Loss but Matches Forecasts
TiVo announced a quarterly loss that matched analysts' forecasts, but its sales topped expectations.
- Hewlett-Packard Profit Rises, Matches Guidance
Hewlett-Packard said a strong performance in China and improved profit margins in its services business helped drive quarterly earnings 14 percent higher.
- Analog Devices Results Beat Expectations; Shares Rise
Analog Devices reported a quarterly profit that fell from a year ago but topped Wall Street's expectations, sending shares higher in extended trading.
- TiVo Reports Quarterly Loss but Matches Forecasts
- Tyson Food Profit Beats Estimates
Tyson Foods posted higher-than-expected quarterly results on Monday on strength in its beef, pork and prepared foods businesses, which it expects to continue in its new fiscal year.
- Tyson Food Profit Beats Estimates
- Horton Results Miss Estimates, Shares Drop
- Dell Shares Smacked as Earnings, Sales Miss Forecasts
- Gap Reports Earnings in Line With Forecasts
- Intuit Posts Narrower-Than-Expected Loss
- Sears Posts Second Consecutive Quarterly Loss
- BJ's Wholesale Profit Falls, Hurt by Falling Food Prices
- Salesforce Profit Beats Forecasts, but Shares Fall
- Autodesk Shares Fall on Disappointing Outlook
- Home Depot Profit Beats; Says Markets Under Pressure
- Target Third Quarter Profit Up, Cautious on Fourth
- Weak US Housing Market Drags on Lowe's Profit
- JC Penney Profit Falls, but Shares Up on Forecast
- Disney Profit, Sales Top Forecasts; Shares Jump
- Nordstrom Earnings Miss Forecasts; Shares Take Hit
- Wal-Mart Holiday Forecast Light, Profit Beats









