[h=3]By VICTORIA STILWELL[/h]United Technologies Corp.'s second-quarter profit edged up 0.8% on lower expenses, though the industrial conglomerate posted a decline in revenue and weaker results at its Otis unit.
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United Technologies also received regulatory approval Thursday for its proposed acquisition of aircraft-components maker Goodrich Corp.
The company lowered its full-year guidance in light of the slowing global economy and late-July close for Goodrich, now expecting sales of between $58 billion and $59 billion and per-share earnings of $5.25 to $5.35. The company previously predicted sales of $61 billion to $62 billion on earnings of $5.30 to $5.50 a share. The company also said it will increase its investment on restructuring to $500 million from $450 million.
The maker of Otis elevators, Pratt & Whitney aircraft engines and Carrier air-conditioning systems has recently made deals that increase its exposure to the commercial-aviation business. The company has sold a handful of its other businesses to fund its $16.5 billion deal to buy Goodrich.
United Technologies agreed Wednesday to sell three units of its Hamilton Sundstrand subsidiary to a private-equity group for about $3.5 billion to help fund its Goodrich purchase. The company earlier this month also said it sold its Rocketdyne business—part of Pratt & Whitney—to GenCorp Inc. for about $550 million.
For the second quarter, United Technologies reported a profit of $1.33 billion, or $1.47 a share, fractionally up from a year-earlier profit of $1.32 billion, or $1.44 a share. The company's per-share earnings from continuing operations rose to $1.62 from $1.41 a year earlier.
The latest period included 10 cents a share of favorable one-time items, partially offset by 6 cents in restructuring costs. The year-earlier period included a currency translation gain of 6 cents.
Revenue declined 4.6% to $13.81 billion.
Analysts surveyed by Thomson Reuters recently expected a per-share profit of $1.41 on revenue of $14.45 billion.
Revenue from Pratt & Whitney rose 5.2% as profit edged up 0.7%, while revenue at the Otis unit decreased 5.2% and profit fell 12%.
Total costs and expenses dropped 4.5% to $12 billion.
[h=3]Now Reporting[/h]Track the performances of 150 companies as they report and compare their results with analysts' estimates. Sort by date and industry.
United Technologies also received regulatory approval Thursday for its proposed acquisition of aircraft-components maker Goodrich Corp.
The company lowered its full-year guidance in light of the slowing global economy and late-July close for Goodrich, now expecting sales of between $58 billion and $59 billion and per-share earnings of $5.25 to $5.35. The company previously predicted sales of $61 billion to $62 billion on earnings of $5.30 to $5.50 a share. The company also said it will increase its investment on restructuring to $500 million from $450 million.
The maker of Otis elevators, Pratt & Whitney aircraft engines and Carrier air-conditioning systems has recently made deals that increase its exposure to the commercial-aviation business. The company has sold a handful of its other businesses to fund its $16.5 billion deal to buy Goodrich.
United Technologies agreed Wednesday to sell three units of its Hamilton Sundstrand subsidiary to a private-equity group for about $3.5 billion to help fund its Goodrich purchase. The company earlier this month also said it sold its Rocketdyne business—part of Pratt & Whitney—to GenCorp Inc. for about $550 million.
For the second quarter, United Technologies reported a profit of $1.33 billion, or $1.47 a share, fractionally up from a year-earlier profit of $1.32 billion, or $1.44 a share. The company's per-share earnings from continuing operations rose to $1.62 from $1.41 a year earlier.
The latest period included 10 cents a share of favorable one-time items, partially offset by 6 cents in restructuring costs. The year-earlier period included a currency translation gain of 6 cents.
Revenue declined 4.6% to $13.81 billion.
Analysts surveyed by Thomson Reuters recently expected a per-share profit of $1.41 on revenue of $14.45 billion.
Revenue from Pratt & Whitney rose 5.2% as profit edged up 0.7%, while revenue at the Otis unit decreased 5.2% and profit fell 12%.
Total costs and expenses dropped 4.5% to $12 billion.