United Tech 2Q revenue down on weak engine orders

AP News
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Posted: Jul 26, 2012 8:41 AM

HARTFORD, Conn. (AP) — United Technologies Corp. says its second-quarter profit ticked up on declining revenue as orders fell at its jet engine and elevator businesses.

Revenue for the Hartford, Conn., manufacturer was $13.81 billion, down 5 percent from the April-June period last year. Net income of $1.33 billion, or $1.62 per share, was up 1 percent.

Profit beat Wall Street expectations of $1.42 per share but fell short for revenue of $14.44 billion.

Per share earnings were $1.47, including discontinued operations from businesses sold to finance United Technologies' $16.5 billion purchase of aerospace manufacturer Goodrich Corp.

United Technologies trimmed its guidance for the year to $5.25 to $5.35 per share, down from previous guidance of $5.30 to $5.50 per share. It blamed the slowing global economy and the weak euro.