United Technologies posts profit rise

/ Source: The Associated Press

United Technologies Corp. reported a 13 percent increase in third-quarter profits Wednesday, boosted by the continuing recovery of the aerospace industry and strong growth at its Otis elevator division.

The Hartford-based conglomerate earned $722 million, or $1.43 a share, in the three months ended Sept. 30, compared with $639 million, or $1.27 a share in the year-ago period.

The results beat estimates of $1.41 by analysts surveyed by Thomson First Call.

Revenue rose 17 percent, to $9.34 billion from $7.95 billion a year earlier. That was above analysts' expectations of $8.75 billion.

"We had tougher conditions in Carrier's North American air conditioning markets after an exceptionally strong first half, but excellent Otis results and continuing recover in the aerospace after markets provided the balance," George David, chairman and chief executive, said.

David said the company was tightening guidance on full-year earnings to the range of $5.45 to $5.50 a share. The Thomson First Call estimate for the year was $5.49.

For the nine-month period through September, the company earned $2.14 billion, or $4.23 per share, compared with $1.77 billion, or $3.53 per share. Revenues reached $27.6 billion, compared with $22.4 billion in the year-ago period. ion in the year-ago period.

In addition to Carrier and Otis, United Technologies' units include aircraft-engine maker Pratt & Whitney, helicopter manufacturer Sikorsky, Hamilton Sundstrand and electronic security firm Chubb.