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UTC Earnings Up 16 Percent in 2Q

July 18, 2001

HARTFORD, Conn. (AP) _ United Technologies Corp.’s second-quarter net income rose 16 percent, led by growth in its aerospace and Otis elevator subsidiaries.

The maker of Carrier air conditioners, Sikorsky helicopters and Pratt & Whitney jet engines said Wednesday it earned $588 million, or $1.16 per share, compared with net income of $509 million, or $1 per share, during the same period last year.

The results beat the consensus estimate of $1.15 per share expected by analysts surveyed by Thomson Financial/First Call. Still, UTC shares fell $1.31, or nearly 2 percent, at $75.25 in trading Wednesday on the New York Stock Exchange.

``We thought this was an excellent quarter for UTC given the tougher business conditions across many countries and operating sectors,″ chairman George David said in a statement.

Revenues for the quarter grew to $7.33 billion, up more than 5 percent, from $6.96 billion in the same period a year ago, the Hartford, Conn.-based conglomerate said.

Pratt & Whitney’s second-quarter revenue rose by more than 9 percent to $1.96 billion and operating profit climbed nearly 24 percent to $353 million over the same period last year, as the division announced long-term maintenance contracts worth more than $900 million.

Carrier’s operating profit rose about 1 percent to $317 million, while revenues increased about 4 percent to $2.61 billion. Earnings in the Otis division jumped 15 percent to $223 million, on revenue of $1.54 billion, which remained flat from the same period last year.

In Flight Systems, which includes Sikorsky and Hamilton Sundstrand, profits jumped nearly 28 percent to $179 million as revenues increased about 11 percent to $1.34 billion.

For the first half of the year, UTC earned $1.03 billion, or $2.02 per share, up 16 percent from $886 million, or $1.74 per share a year ago. Revenue was $14.00 billion, up about 5 percent from $13.35 billion in the first half of 2000.


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