United Technologies profit tops estimates despite revenue miss

 
City A.M. Reporter
UNITED Technologies, the world’s largest maker of elevators and air conditioners, yesterday 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 per cent to $16.76bn (£10.21bn), it said yesterday. That was about $330m 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.

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

But earnings from continuing operations jumped 53 per cent to $1.45bn, or $1.58 per share.

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

“United Technologies closed a strong 2013 with 16 per cent earnings growth despite slower than expected recovery in our end markets,” said Louis Chenevert, the group’s chairman and chief executive.

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