Home Fairfield UTC sales increase as earnings top estimates

UTC sales increase as earnings top estimates

United Technologies Corp. reported fourth quarter earnings from continuing operations that topped the consensus projection, with the Hartford company today reaffirming its 2013 outlook of earnings per share of $5.85 to $6.15.

UTC, the parent company of Stratford-based Sikorsky Aircraft Corp. and East Hartford-based Pratt & Whitney Co., said fourth quarter earnings from continuing operations fell 27 percent to $945 million after accounting for restructuring, currency-exchange charges and costs related to its $16.5 billion Goodrich Corp. acquisition.

Earnings from continuing operations were $1.04 per share, topping analysts’ projections of $1.03 per share.

Net revenues were up more than 14 percent to $16.4 billion for the quarter.

For the fourth quarter, sales at UTC’s Sikorsky unit were up 3.1 percent to $2.18 billion, while the unit’s operating profit was down almost 23 percent.

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