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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.
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