UTC Earnings Up 34 Percent for Second Quarter
Jul. 26, 1995
HARTFORD, Conn. (AP) _ United Technologies Corp.'s earnings rose 33 percent in the second quarter on an increase in overseas business, the industrial company said Wednesday.
UTC's net income was $218 million, or $1.65 per share, in the April-June period, up from $165 million, or $1.23 per share, a year earlier. Revenues were up only 6.4 percent, reaching $5.84 billion from $5.49 billion a year ago.
``All five of our business segments achieved double-digit growth in operating income,'' said George David, UTC's president and chief operating officer. International revenues grew 13 percent, including a 40 percent gain in China.
Jet engine maker Pratt & Whitney's profits rose 23 percent as did Otis elevator's. Carrier, a manufacturer of heating equipment and air conditioners, increased its profit 21 percent and the flight systems business posted a 26 percent profit increase, despite lower sales volumes at Sikorsky. Profits from the automotive business rose 11 percent.
In the first half of the year, UTC's net income rose to $353 million, or $2.68 per share, on revenues of $11.18 billion. In last year's first half, the company earned $232 million, or $1.73 per share, on revenues of $10.27 billion.