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United Tech profits rise 10 percent

United Technologies Corp.  Tuesday said fourth-quarter net income rose 10 percent as its Otis elevator and Carrier air conditioning units helped offset continued weakness in its commercial aviation business.
/ Source: Reuters

United Technologies Corp.  Tuesday said fourth-quarter net income rose 10 percent as its Otis elevator and Carrier air conditioning units helped offset continued weakness in its commercial aviation business.

United Tech earned $588 million, or $1.16 a share, up from $533 million, or $1.06 a share, in the year-earlier period.

Analysts were expecting Hartford, Connecticut-based United Tech to earn, on average, $1.13 a share, according to Reuters Research, a unit of Reuters Group Plc.

Revenue rose 19 percent to $8.6 billion in the fourth quarter, primarily reflecting its recent acquisition of security group Chubb Plc and the weaker dollar.

The company said its 2004 earnings outlook remains unchanged at $5.00 to $5.30 per share.