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UTC 4Q beats estimates
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January 17, 2002: 12:01 p.m. ET
Diversified manufacturer's profit declines; cites setback in aerospace.
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NEW YORK (CNN/Money) - United Technologies Corp. reported fourth-quarter earnings Thursday that edged past analysts' forecasts but were significantly lower than a year earlier, citing the impact of the Sept. 11 terrorist attacks on its aerospace business.
In a conference call, company officials also said they were comfortable with Wall Street's consensus estimate for first-quarter earnings of 79 cents a share, according to Reuters. The Hartford, Conn.-based company, which makes Pratt & Whitney jet engines, Otis elevators, Carrier air conditioners and other products, also reiterated its 2002 profit target of $4.32.
Investors liked what they saw, and United Technologies (UTX: up $4.21 to $63.26, Research, Estimates) stock rallied in midday trading, helping give a boost to the broader market. United Tech is one of 30 stocks in the Dow Jones industrial average.
The manufacturing conglomerate said it earned $345 million, or 69 cents a share in the fourth quarter, down from $426 million, or 84 cents a share, a year earlier. Analysts had forecast earnings of 67 cents a share, according to earnings tracker First Call.
"In the wake of Sept. 11 and its severe impacts on commercial aviation, United Technologies turned in another solid quarter," CEO George David said in a statement.
Sales rose to almost $7 billion from $6.8 billion.
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The company said its fourth-quarter results exclude $126 million in restructuring charges, most of which were to cover job cuts in its aerospace units, the result of slowing demand in the wake of Sept. 11.
Earlier this month, the company said president and chief operating officer Karl Krapek would retire at the end of January. It did not name a replacement. 
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