United Tech Profit Up 6.6%, Helped By Aerospace Demand

Diversified manufacturer United Technologies said on Wednesday that quarterly profit rose 6.6 %, helped by strong demand from the aerospace sector.

United Technologies , which makes products ranging from Otis elevators to Black Hawk military helicopters, reported profit of $819 million, or 82 cents a share, compared with $768 million, or 76 cents a share, a year earlier. Revenue rose 15.7%.

Analysts, on average, expected profit of 81 cents a share, according to Reuters Estimates.

Revenue came in at $12.28 billion, up 15.7% from $10.62 billion a year earlier. Analysts, on average, had expected $11.47 billion, according to Reuters Estimates.

"Commercial aerospace markets remain strong and Sikorsky's shipments have stepped up from last year's lower rates," said Chairman and Chief Executive George David in a statement.

During last year's quarter, the company faced a strike at its Sikorsky helicopter unit. This year's result reflected a previously disclosed charge of 7 cents a share related to a European Commission fine against Otis.

The European Commission fined Otis, along with a handful of other elevator manufacturers, for fixing prices and carving up markets. Overall, the commission levied $1.3 billion in fines, including $295 million for Otis.

Hartford, Connecticut-based United Technologies affirmed its full-year profit forecast of $4.05 to $4.20 a share. For the year, analysts expect profit of $4.17 a share, according to Reuters Estimates.

United Technologies shares have risen 5.9% so far this year, outpacing the 2.5% rise in the Dow Jones industrial average, of which it is a component.