“United Technologies Corp.’s UTX +0.60% fourth-quarter profit jumped 55% as the industrial conglomerate benefited from gains on the sale of its legacy Hamilton Sundstrand’s Industrial businesses, though costs rose sharply.
The maker of Otis elevators, Pratt & Whitney aircraft engines and Carrier air-conditioning systems has posted improved profits recently, aided by its $16.5 billion acquisition of aircraft-component maker Goodrich Corp., which closed last year.
United Technologies reported a profit of $2.06 billion, or $2.26 a share, up from $1.33 billion, or $1.47 a share, a year earlier. The latest quarter included about $1.05 billion, net of tax, in gains on the sale of the Hamilton Sundstrand businesses. United Technologies’s earnings from continuing operations fell to $1.04 from $1.42 a share. Revenue was up 14% to $16.44 billion.
Analysts surveyed by Thomson Reuters recently expected a per-share profit from continuing operations of $1.03 on revenue of $16.63 billion.
Revenue from Pratt & Whitney rose 12%, while profit shrank 30%. Revenue at the Otis unit edged down 0.2% as profit fell 9.4%. UTC Aerospace Systems, a new unit that includes Goodrich and Hamilton Sundstrand, saw its revenue more than double and its earnings rise 33%.
Total costs and expenses rose 18% to $14.79 billion.”
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