HARTFORD, Conn. (AP) — United Technologies Corp. reported a steep drop in fourth-quarter profit on Wednesday, but its revenue edged up.
Its earnings beat Wall Street estimates while its revenue missed. It shares rose in morning trading.
Net income for the Hartford, Conn., aerospace and building systems conglomerate was $1.46 billion, or $1.60 per share, in the September-to-December period. That was down 29 percent from $2.06 billion, or $2.26 per share in the last quarter of 2012.
Income from discontinued operations generated less income than in the same period last year. United Technologies sold off several businesses to help finance its $18.4 billion purchase of aerospace parts maker Goodrich Corp.
Revenue rose to $16.8 billion from $16.4 billion a year ago.
Analysts polled by FactSet, on average, expected fourth quarter earnings of $1.53 per share on revenue of $17 billion.
Fourth-quarter revenue rose at all United Technologies' businesses except helicopter maker Sikorsky, which relies heavily on military contracts that are dwindling as the U.S. winds down operations in Afghanistan. Sikorsky's revenue was $1.9 billion, down 13 percent from the final quarter of 2012.
For 2013, net income rose 12 percent, to $5.72 billion, or $6.25 per share on revenue of $62.63 billion. Sales were up 9 percent from 2012. Analysts expected earnings of $6.17 per share on revenue of $62.95 billion.
Chief Executive Officer Louis Chenevert credited the 2012 purchase of Goodrich and cost-cutting.
"The integration of our transformational deals and relentless focus on cost reduction were at the core of another successful year," he said.
United Technologies shares rose $1.45, or 1.3 percent, to $116.45 in morning trading Wednesday. They have risen almost 33 percent since a year ago.
Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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