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United Technologies Shares Jump on Strong Fourth Quarter

United Technologies reported profit that topped Wall Street's expectations, sending the shares higher.

The company, which makes products ranging from Pratt & Whitney jet engines to Otis elevators, reported fourth-quarter profit of $865 million, or 87 cents a share, compared with
net income of $626 million, or 62 cents a share, a year earlier.

Analysts, on average, expected profit of 85 cents per share, according to Thomson Financial.

On a net basis, profit was up 38.2%. Factoring out a change in accounting standards, the company said it was up 20%.

Revenue came in at $12.79 billion, up 13.6% from $11.26 billion a year earlier. Analysts had expected $12.2 billion.