Events Calendar
In This Section
Auto bailout could be tied to government-run overhaul
Oil plummets on dire U.S. jobs figures
Employers cut 533,000 jobs in November, most in 34 years
Merrill Lynch shareholders approve sale to Bank of America
Worried retailers report big drop in sales
One National City executive on PNC leadership team
Most Read Stories
Blogs:
Akron Law Café:
What's Wrong with Incarcerating People for Profit?
Car Chase:
Car Guy* Gatherings
The Heldenfiles:
"Survivor" Results: A Long and Winding Road … to Something Obvious
Patrick McManamon:
Browns GM Phil Savage meets media, defers questions about the future
Browns Bulletin:
Say hello to your new starting quarterback
Cleveland Browns:
Anderson done for season
Cleveland Cavaliers:
Does the LeBron James Saga Finally Die - for Now?
CavsHQ: A Fan's View:
What to Watch For - Cavs v. Pacers
Akron Zips:
Looking ahead to Dayton
Varsity Letters:
‘Gridlocks’ high school football recap
Kent State Sports:
Home winning streak snapped by St. Mary's
Ohio Politics:
Chambliss: Hey, Guess Who Impacted This Race?
See Jane Style:
Holiday Dressing Men’s Edition
All Da King's Men:
Should We Bail Out The Big Three Automakers ?
Blog of Mass Destruction:
Obama's Place In The Center For Moderate GOP'ers
HRLite House:
The ‘House’ Test
Akron Gamer:
Quick holiday game guide
Ohio Travels with Betty:
Where is the house featured in A Christmas Story?
Sound Check:
The Pretenders to play Akron Civic Theatre on Valentine's Day
Let's Talk Real Estate:
Johnny Rockets: A taste of the 50s!
Conn. company says profit up 11 percent in 2nd quarter
Published on Friday, Jul 18, 2008
From staff and wire reports
United Technologies Corp. said Thursday that second-quarter profit rose 11 percent and full-year profit and sales will exceed its forecasts on demand for Otis elevators and Sikorsky helicopters.
One company executive told analysts that United Technologies remains interested in Green-based ATM maker Diebold Inc., but could decide to spend its money elsewhere. The company, in an unsolicited bid, offered $2.63 billion to buy Diebold, but Diebold executives quickly called the $40-a-share offer too low. The proposed deal has remained in limbo as Diebold works to file corrected financial statements with federal regulators.
''It's never been a must-have,'' said Jim Geisler, vice president of finance for United. ''We made our proposal back in February, and a lot of time has passed and there are other opportunities in the world, including buying [United Technologies] stock. So we'll have to see.''
United Technologies' net income rose to $1.28 billion, or $1.32 a share, from $1.15 billion, or $1.16, topping the average analyst estimate in a Bloomberg News survey. Revenue gained 13 percent to $15.7 billion, the Hartford, Conn., maker of Pratt & Whitney jet engines and Carrier air-conditioners said in a statement.
United Technologies rose $3.59, or 5.9 percent, to $64.70. It was the biggest increase since April 19, 2006.
Chief Executive Louis Chenevert, who took over in April, said he's doubling his target for reducing costs to $300 million this year as spare-parts sales slow in the aerospace businesses. United Technologies is also getting more than 60 percent of its revenue from overseas, helping compensate for the weaker U.S. economy.
Get the full article here.
Comments
Click here to post your comments
