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United Tech 1Q profit soars
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April 19, 2000: 10:07 a.m. ET
Aerospace firm cites strong results at elevator and air conditioning units
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NEW YORK (CNNfn) - Dow component United Technologies Corp. posted higher first-quarter earnings Wednesday that surpassed Wall Street's expectations, driven by double-digit growth in its elevator and air conditioning manufacturing units.
The Hartford, Conn.-based aerospace and defense products maker posted net income of $377 million, or 74 cents per share, before the negative impact of currency translation, which reduced net profit by 2 cents per diluted share.
The results easily surpassed the $308 million, or 63 cents per share, United Technologies earned a year earlier and topping the consensus analysts' estimate, as compiled by First Call Corp., of 72 cents per share.
 Revenue rose 17 percent to $6.39 billion from $5.44 billion. The company's Carrier unit, the world's leading manufacturer of heating and air conditioning systems, posted the strongest sales growth with a 22 percent increase, while its Otis division, the world's No. 1 elevator manufacturer, posted a 13 percent gain.
However, the company's core aerospace operations succumbed to a downturn in the industry. Subsidiary Pratt & Whitney, which makes engines for military and commercial aircraft, saw its revenue fall nearly 11 percent as shipments of large aircraft engines slowed.
Still, the unit, which launched a massive restructuring earlier this year that trimmed an additional 1,700 jobs, managed to nudge its operating profit up by reducing costs.
United Technologies Chairman and CEO George David said he maintains "high confidence" that the company will meet its estimate of a full-year profit of $3.50 per share.
United Technologies (UTX: Research, Estimates) shares climbed 15/16 to 59 shortly after the opening bell Wednesday. 
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