NEW YORK (CNN/Money) - Consumer incentives continued to prop up sales for the world's largest automaker as General Motors Thursday posted a fourth-quarter profit that beat Wall Street estimates on record sales of $48.7 billion.

Elsewhere, United Technologies said its fourth-quarter profit rose 54 percent from a year earlier and topped analysts' estimates by 2 cents a share on strong performance of its Otis Elevator unit.

No. 3 U.S. airline Delta reported a narrower fourth-quarter loss on a gain in sales as the firm continued to recover from the struggling travel environment.

Abbott Labs; Bank One; Briggs & Stratton

Comerica; Delta Airlines; D.R. Horton

Ethan Allen; FleetBoston; Forest Labs

Freeport-McMoRan; General Motors; Johnson Controls

KB Home; Parker-Hannifin; PNC

PPG; Sabre Holdings; Sears

SLM Corp. ; United Technologies; Wachovia

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NEW YORK (CNN/Money) -- The world's largest automaker reported a sharp rise in its fourth-quarter profit that beat Wall Street expectations. The company earned $1.0 billion, or $1.71 a share, including the results from its Hughes Electronics unit. Analysts surveyed by earnings tracker First Call had a consensus earnings-per-share forecast of $1.53.

But including the Hughes operating loss while excluding its special items, such as a break-up fee the unit received when regulators blocked its purchase by EchoStar Communications, GM posted earnings of $850 million, or $1.62 a share, up from $255 million, or 60 cents a share.

Revenue at GM (GM: Research, Estimates) rose to a quarterly record of $48.7 billion from $45.95 billion a year earlier. (more details)

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HARTFORD, Conn. (Reuters) -- The manufacturing firm said quarterly net income rose 54 percent on robust sales of its Otis elevators in Asia and from easier comparisons with the year-earlier period when it took restructuring charges. United Tech, maker of Black Hawk helicopters and Carrier air conditioners, earned fourth-quarter net income of $533 million, or $1.06 a diluted share, up from $345 million, or 69 cents, a year earlier, when it took $126 million in restructuring charges.

Analysts expected United Tech, known for its conservative forecasts, to earn $1.04-to-$1.07 a share, with a consensus estimate of $1.04, according to earnings tracker First Call. United Tech (UTX: Research, Estimates) reaffirmed its 2003 earnings forecast of $4.55-to-$4.80 a share. First Call's forecast is for $4.69 a share. (more details)

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ATLANTA (Reuters) -- The No. 3 U.S. air carrier reported a $363 million quarterly loss as major U.S. airlines continued to suffer huge losses from a historic travel downturn that has kept airfares cheap and revenue lacking. Delta, based in Atlanta, said the loss per share was $2.98 in the fourth quarter, compared with a loss of $5.98 per share, or $734 million, in the year-earlier quarter just after the Sept. 11 attacks.

The firm said revenue rose to $3.31 billion in the quarter, from $2.86 billion a year earlier. The airline expects to cut up to 8,000 jobs by May 1, about half through layoffs, to cope with weak revenue. On an operating basis, Delta (DAL: Research, Estimates) posted earnings of $1.90 per share. Analysts' mean estimate was for a loss of $2.30 a share for the quarter and a loss of $8.28 per share for 2002, according to research firm First Call.

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BOSTON (Reuters) -- FleetBoston Financial Corp. posted a profit that was about half of what the bank originally was expected to earn due to a previously announced $800 million loan-loss provision. Excluding discontinued operations, FleetBoston earned $297 million, or 28 cents a share, in the fourth quarter, compared with a loss of $486 million, or 47 cents a share, a year earlier. Net income was $261 million, or 24 cents per share, including discontinued operations.

Wall Street analysts originally expected FleetBoston (FBF: Research, Estimates) to earn 57 cents a share in the fourth quarter but slashed estimates after the bank warned Jan. 10 it would set aside $800 million to cover losses from an Enron-related financing deal, a European energy company, and a major airline. After FleetBoston's announcement, analysts' estimated the bank would earn 28 cents a share for the quarter, according to First Call, which compiles and distributes investment research.

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CHARLOTTE, N.C. (Reuters) -- The No. 5 U.S. banking company posted a higher fourth-quarter profit as cost control and stable retail brokerage fees lifted results. The Charlotte, N.C.-based company earned $891 million, or 66 cents a share, including $92 million, or 6 cents, of merger-related and restructuring charges. A year earlier, earnings were $730 million, or 54 cents a share.

Wall Street expected Wachovia (WB: Research, Estimates) to earn between 74 and 70 cents a share, with a mean estimate of 72 cents, according to market data firm First Call.

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CHICAGO (Reuters) -- The No. 6 U.S. banking company reported higher quarterly profits, as credit and debit card growth helped results. The Chicago-based banking company earned $842 million, or 72 cents a share, in the fourth quarter, compared with $541 million, or 46 cents a share, in the 2001 quarter. The 2001 results included a $224 million restructuring charge.

Wall Street expected Bank One (ONE: Research, Estimates) to earn between 66 cents and 74 cents a share, with a mean estimate of 72 cents, according to market data firm Thomson First Call.

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NEW YORK (Reuters) -- The drugmaker posted a sharp rise in quarterly earnings, fueled by strong sales of its antidepressants Celexa and Lexapro. The New York-based company reported earnings of $174.6 million for its fiscal third quarter, or 47 cents per share, compared with $87.4 million, or 24 cents per share, a year ago.

Forest said Jan. 2 it expected its profit to exceed analyst estimates at the time by at least 15 percent. Analysts polled by First Call on average were looking for 77 cents per share before the announcement. Forest (FRX: Research, Estimates) said net sales for the quarter were $586.8 million, led by sales of $371 million for Celexa and sales of about $81 million for Forest's newer antidepressant, Lexapro, which was launched in September.

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ABBOTT PARK, Ill. (Reuters) -- Abbott Laboratories Inc. reported a slight rise in fourth-quarter profit on higher sales of drugs and hospital products. The company, whose products include the Flomax prostate treatment and Ensure nutritional supplements, said net earnings rose slightly to $627 million, or 40 cents per share, from $614 million, or 39 cents, a year earlier.

Excluding charges to reflect a decline in the value of investments and for cutting 2,000 jobs -- about 3 percent of its global work force -- Abbott's (ABT: Research, Estimates) earnings increased to $866 million, or 55 cents per share, from $816 million, or 52 cents. On that basis, analysts polled by First Call had expected earnings of 55-to-57 cents per share, in line with Abbott's October outlook, for an average estimate of 56 cents.

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HOFFMAN ESTATES, Ill. (Reuters) -- The largest U.S. department store chain reported higher quarterly earnings before one-time items, as improvement in its retail business made up for a weak performance from its credit card division.

The No. 4 U.S. retailer said it earned $669 million, or $2.11 per share, in the fourth quarter, ended Dec. 28, compared with $657 million, or $2.02 per share, in the same period a year ago. Results in the latest quarter exclude a one-time gain from the sale of its Advance Auto Parts stake. Analysts on average were expecting Sears to earn $1.91 per share, according to research firm First Call, which tracks analysts' estimates.

In October, Sears (S: Research, Estimates) reported much-lower-than-expected third-quarter earnings because of problems in its credit card division, and cut its full-year earnings forecast to $4.86 per share from $5.15.

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PITTSBURGH (Reuters) -- The financial services firm said it swung to a profit in the fourth quarter after charges dented its year-earlier results. The Pittsburgh-based bank earned $262 million, or 92 cents a share, compared with a net loss of $430 million, or $1.52 share, in the 2001 fourth quarter. Excluding strategic repositioning charges and goodwill amortization expense a year ago, it earned $251 million, or 88 cents per diluted share.

The fourth quarter capped a tough year for PNC (PNC: Research, Estimates), which battled loan losses and several bookkeeping errors that damaged its results. The bank reached a settlement with federal regulators in July on a 2001 off-balance-sheet accounting move.

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RESTON, Va. (Reuters) -- The largest provider of student loans in the United States said Thursday its fourth-quarter profit rose as it generated more loans. The Reston, Va.-based company, better known as Sallie Mae (SLM: Research, Estimates), earned $306 million, or $1.93 per share, for the quarter. That compared with $266 million, or $1.69 per share, a year ago.

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NEW ORLEANS (Reuters) -- The operator of the world's largest copper and gold mine said it swung to a fourth quarter profit due to higher metal prices. Freeport (FCX: Research, Estimates) posted net income of $64.1 million, or 41 cents a share, in the quarter, reversing a year-earlier loss of $2.1 million, or 1 cent a share.

Analysts' estimates had ranged from 35 cents-to-45 cents a share, with a mean estimate of 41 cents a share, according to research firm Thomson First Call. Freeport-McMoRan, which operates the vast Grasberg mine in Indonesia, said revenue rose to $571 million from $412 million. Copper sales increased to 430 million pounds from 325 million a year earlier, while gold sales rose to 678,300 ounces from 500,200 ounces.

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ARLINGTON, Texas (Reuters) -- The home builder said quarterly profit rose 52 percent as strong home sales kept being fueled by low mortgages and tight new housing supplies. The company posted profit of $111.8 million, or 75 cents a share, in its fiscal first quarter ended Dec. 31. That compares with $73.4 million, or 62 cents a share, a year ago.

Wall Street analysts had estimated a profit of 64-to-68 cents, with an average of 66 cents, according to investment research firm First Call. First-quarter revenue rose 50 percent to $1.7 billion from $1.2 billion.

D.R. Horton (DHI: Research, Estimates) said it expects earnings of 73-to-76 cents per share for its second quarter, ending March 31, compared with a First Call estimate of 76 cents. It sees fiscal 2003 earnings per share of $3.50-to-$3.55, while the First Call estimate is $3.38.

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MILWAUKEE (Reuters) -- The maker of automotive interiors and batteries said its quarterly profit rose 17 percent, boosted by a decline in its income tax rate. Milwaukee-based Johnson Controls (JCI: Research, Estimates), which also makes building controls, said its first-quarter net income climbed to $140.4 million, or $1.48 a share, from $119.90 million, or $1.27 a share, in the same period a year ago. Sales rose 8 percent to $5.2 billion from $4.8 billion.

Analysts on average expected earnings of $1.46 a share, within a range of $1.32-to-$1.52 a share, according to First Call. Johnson Controls earlier this month said it expects record earnings for 2003, with sales rising 5 percent-to-10 percent.

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LOS ANGELES (Reuters)--The homebuilder said its quarterly profit jumped almost 40 percent as low mortgage rates and tight new housing supply continue to spur demand and boost prices. KB (KBH: Research, Estimates) posted profit of $123.7 million, or $2.92 a share, for the fourth quarter ended Nov. 30, compared with $88.5 million, or $2.03 a share, a year before.

Analysts had forecast profit per share of $2.38 to $2.68 with an average of $2.54, according to First Call. Revenue rose about 16 percent to $1.68 billion from $1.45 billion.

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DANBURY, Conn. (Reuters) -- The furniture maker and retailer said quarterly profit rose 9 percent, with more efficient manufacturing helping offset the effects of the sluggish U.S. economy on sales. The company posted net earnings of $23.1 million, or 60 cents a share, in its fiscal second quarter ended Dec. 31, up from $21.2 million, or 53 cents, a year ago.

Analysts forecast 53 cents-to-60 cents a share, with an average of 57 cents, according to market research firm First Call. Revenue rose to $229.7 million from $222.6 million a year earlier. The company said sales at stores open at least a year, or same-store sales, fell 4 percent in the second quarter.

Looking ahead, Ethan Allen (ETH: Research, Estimates) said it still expects to increase its earnings per share by 12-to-15 percent in the coming fiscal year, despite lower-than-expected sales increases.

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PITTSBURGH (Reuters)--The chemical and paint maker said its fourth-quarter earnings rose, as stronger sales from its coatings business offset higher pension costs. Pittsburgh-based PPG, which warned in late November that its fourth-quarter results would miss Wall Street estimates, earned $94 million, or 55 cents a share, up from $83 million, or 49 cents a share, in the year-ago quarter.

Excluding a charge, PPG (PPG: Research, Estimates) earned 57 cents a share. After revising their estimates, analysts expected the company to earn between 55 and 60 cents a share in the fourth quarter, with a mean estimate of 57 cents a share, according to First Call. The company said the higher sales in the coating and chemicals units lifted revenues to $1.99 billion from $1.91 billion.

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CLEVELAND (Reuters)--The maker of motion and control systems said its quarterly earnings rose on higher results in its industrial businesses. The Cleveland-based company reported net income of $37.6 million, or 32 cents a share, in the fiscal second quarter ended Dec. 31, compared with $29.1 million, or 25 cents, a year earlier. Sales rose to $1.52 billion from $1.44 billion.

Before restructuring items and the write-down of an investment, Parker (PH: Research, Estimates) said it earned 37 cents a share, compared with 33 cents a year earlier. Those results were in line with the company's October statements that it expected to earn 33 to 43 cents a share before restructuring costs. Analysts' estimates ranged from 35 cents to 43 cents a share, with an average forecast of 39 cents a share, according to First Call.

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MILWAUKEE (Reuters)--The maker of gasoline engines for lawn and garden equipment said its quarterly earnings rose, helped by a restructuring and the euro's strength. Net income for the second fiscal quarter rose to $11.7 million, or 53 cents a share, from $2.4 million, or 11 cents, a year earlier. Sales rose to $352.6 million from $333.5 million.

Briggs and Stratton (BGG: Research, Estimates) had predicted in October that its second-quarter sales would rise about 3 percent, with fiscal 2003 sales up 4 percent.

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DALLAS (Reuters) -- The travel reservations firm posted quarterly earnings of $21 million before special items but said a tepid travel industry may pinch its bottom line this year. Southlake, Texas-based Sabre, owner of the Travelocity.com Web site, posted fourth-quarter earnings of 15 cents a share excluding special items, up from 3 cents a year earlier.

According to Thomson First Call, Sabre was expected to earn 13 cents per share, with forecasts ranging from 12 cents to 23 cents. The company reported fourth-quarter earnings of 1 cent per share on a GAAP basis and net earnings of $1 million. Last month, Sabre (TSG: Research, Estimates) cut its fourth-quarter and full-year earnings forecasts, citing weak travel demand. The news sent its shares tumbling in trading on the New York Stock Exchange.

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DETROIT (Reuters) -- The Midwest regional bank posted higher quarterly earnings, amid healthy deposit but modest loan growth. The Detroit-based bank earned $206 million, or $1.18 a share, in the fourth quarter, up from $199 million, or $1.11 a share, in the 2001 fourth quarter.

Wall Street expected Comerica (CMA: Research, Estimates) to earn from $1.12 to $1.20 a share, with a mean estimate of $1.16, according to research firm First Call.