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United Technologies net up
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July 22, 1998: 1:05 p.m. ET
Earnings rise 18 % in 2Q, beat Wall Street estimates by 6 cents a share
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NEW YORK (CNNfn) - United Technologies Corp. posted an 18 percent jump in second quarter earnings Wednesday.
The Hartford, Conn.-based Dow component earned $360 million, or $1.44 per diluted share, up from $304 million, or $1.19 per share, a year earlier.
Analysts polled by First Call expected United to earn $1.38 per share for the latest quarter.
Revenue increased 3 percent to $6.67 billion from the year-ago $6.48 billion.
"Despite the ongoing effects of the Asian recession and the stronger dollar, we had another solid quarter, with 21 percent earnings-per-share growth and continued strong cash generation," Chairman and Chief Executive George David said. "We remain comfortable with the consensus earnings estimate for 1998 and expect to see earnings per share increase by a further 15 percent in 1999."
United Technologies supplies technology products and services to the building systems, automotive and aerospace industries.
During the quarter, United bought back 2.1 million shares of common stock for $188 million. It also spent roughly $200 million on acquisitions, including the Pratt & Whitney unit's purchase of a majority stake in Singapore Airlines' engine overhaul business.
United Technologies stock (UTX) surged 3-9/16, or nearly 4 percent, to 99-13/16 in afternoon trading on the New York Stock Exchange. 
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United Technologies
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