HARTFORD, Conn. ? United Technologies Corp. said Wednesday its fourth-quarter profit rose nearly 11 percent, propelled by growth in its aerospace businesses. Total revenue increased 1 percent.
The manufacturer of elevators, jet engines, heating and cooling equipment and other industrial products is banking on growth in commercial aerospace as Congress and the Obama administration plan to cut military spending.
A $16.4 billion acquisition of aircraft components maker Goodrich Corp is on track to close by the middle of 2012, while United Technologies' jet engine division Pratt & Whitney is spending $1.5 billion to buy out Rolls Royce from a joint venture that makes engines for the Airbus A320.
Chief Executive Louis Chenevert said in a statement Wednesday that the two deals position United Technologies for future earnings growth. He told analysts last month that the Goodrich deal could increase revenue 10 percent at United Technologies this year, but will not add to profit until 2013.
In the October-December quarter, jet engine maker Pratt & Whitney's operating profit rose 12 percent, while profit at aerospace parts maker Hamilton Sundstrand jumped 21 percent.
But operating profit at helicopter maker unit Sikorsky Aircraft fell 13 percent. Sikorsky announced in September it was trimming its worldwide work force of 18,000 by about 3 percent as U.S. forces exit Iraq and draw down in Afghanistan.
United Technologies also makes products for buildings. Its air conditioner and heating products maker, Carrier, posted strong growth in the fourth quarter, with a 57 percent jump in operating profit. Profit rose 8 percent at Otis, the company's elevator manufacturing division.
The Hartford, Conn., company said Wednesday that total net income in the October-December period was $1.33 billion, or $1.47 per share. That's up from $1.2 billion, or $1.31 per share, in the same quarter in 2010.
Revenue grew to $14.97 billion from $14.86 billion.
Analysts polled by FactSet were expecting earnings per share of $1.46 and revenue of $15.06 billion.
United Technologies' costs and expenses were almost unchanged from the prior period.
For all of 2011, net income was $4.98 billion, or $5.49 per share. That's up 14 percent from 2010. Revenue for 2011 rose 7 percent to $58.19 billion.
The company said that it still expects 2012 profit of $5.80 to $6 per share, with revenue of $59 to $60 billion. Analysts expect earnings of $5.64 per share on revenue of $62.93 billion.
Shares rose 12 cents to $77.90 in premarket trading Wednesday. They are up 6.4 percent in 2012 and have risen 3.3 percent over the past three months.
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