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United Tech tops 2Q target
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July 19, 2000: 8:52 a.m. ET
Diversified manufacturer sees overall gain despite aerospace downturn
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NEW YORK (CNNfn) - Diversified manufacturer United Technologies Corp. posted a better-than-expected gain Wednesday in second-quarter profit, as it saw improvement across its different business sectors.
The company posted net income of $509 million, or $1.00 a diluted share.
Analysts surveyed by earnings tracker First Call forecast earnings of 98 cents a share in the period. A year earlier, the company posted earnings of $417 million, or 83 cents a share, from continuing operations, and $1.1 billion, or $2.33 a share, of net income including a gain from the sale of its UT Automotive unit.
Revenue increased to $6.96 billion from $6.04 billion a year earlier. Most units other than Pratt & Whitney saw revenue increase, but the company said that the aerospace unit still managed improved profitability in the face of the industry downturn.
The Hartford, Conn.-based company, a component of the Dow Jones industrial average, said it is seeing gains from e-commerce initiatives, and that it should be able to meet earnings expectations for the full year.
Shares of United Technologies (UTX: Research, Estimates) lost 1-17/32 to 59 in trading Tuesday. 
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