(Adds details, forecast)
Jan 24 (Reuters) - U.S. manufacturer United Technologies
Corp reported better-than-expected fourth-quarter
revenue on Wednesday and forecast higher profit for the full
year, benefiting from higher sales of parts and maintenance for
The maker of Otis Elevators and Pratt & Whitney aircraft
engines said it expected 2018 adjusted earnings in the range of
$6.85 to $7.10 per share, up 3 percent to 6.8 percent from a
The company forecast 2018 sales of $62.5 billion to $64.0
billion, slightly above the mid-point of analysts' average
estimate of $63.08 billion, according to Thomson Reuters
Net sales for the fourth quarter rose to $15.68 billion from
$14.66 billion a year earlier, topping Wall Street's expectation
of $15.40 billion.
United Technologies is spending more money to speed up
production of its fuel saving GTF engines that power Airbus'
newest narrow-body jet, the A320neo, and Bombardier's CSeries
The company's income from continuing operations attributable
to common share owners fell to $397 million, or 50 cents per
share in the fourth quarter ended Dec. 31, from $1.01 billion,
or $1.26 per share, a year earlier.
The latest quarter included a 90-cent charge related to
changes in the U.S. tax law. On an adjusted basis, United Tech
earned $1.60 per share.
Net sales rose to $15.68 billion from $14.66 billion a year
Analysts on average had expected quarterly earnings of $1.56
per share and revenue of $15.40 billion.
(Reporting by Ankit Ajmera in Bengaluru; Editing by Martina
D'Couto and Saumyadeb Chakrabarty)
First Published: 2018-01-24 13:09:46
Updated 2018-01-24 13:41:05
© 2018 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.