News Column

United Tech earnings down in 4Q, up overall for 2013

January 22, 2014

By Luther Turmelle, New Haven Register, Conn.

Jan. 22 -- HARTFORD -- Fourth quarter 2013 earnings at United Technologies Corp. (UTC) fell nearly 29 percent compared to the same period a year earlier, company officials said Wednesday. The company's earnings for the final three months of last year were $1.46 billion , a $594 million change compared to the same period in 2012. The decline in fourth quarter earnings didn't cause a corresponding decline in earnings per share, which increased from $1.05 per share during the fourth quarter of 2012 to $1.61 per share during the same period last year. UTC's 2013 earnings increased 11.5 percent to $5.72 billion or $6.31 cents per share. The company made $5.13 billion or $5.41 per share in 2012. Louis ChÊnevert, UTC's chairman and chief executive officer, said of the improvement in 2013 earnings "integration of our transformational deals and relentless focus on cost reduction were at the core of another successful year. And we delivered strong cash flow and margin expansion even as we made significant investments for future growth." "We saw an acceleration of organic growth throughout the year," ChÊnevert said in a statement. "We are confident in our ability to deliver 2014 earnings per share of $6.55 to $6.85 on sales of approximately $64 billion . With a portfolio and organization focused on our core markets, we have a strong foundation for earnings growth in 2014 and beyond." Company officials said that new equipment orders at UTC's Otis Elevator subsidiary increased by 8 percent in the fourth quarter of last year compared to the same period in 2012. Large commercial engine spares orders were up 20 percent at the company's Pratt & Whitney subsidiary. UTC is also the corporate parent of Stratford -based helicopter maker Sikorsky Aircraft. Call Luther Turmelle at 203-789-5706. Have questions, feedback or ideas about our news coverage? Connect directly with New Haven Register editors at ___ (c)2014 the New Haven Register (New Haven, Conn.) Visit the New Haven Register (New Haven, Conn.) at Distributed by MCT Information Services

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Source: New Haven Register (CT)

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