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United Technologies beats 4Q earnings expectations, misses revenue forecasts

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FARMINGTON, Connecticut — United Technologies Corp. (UTX) on Wednesday reported fourth-quarter earnings of $3.28 billion.

On a per-share basis, the Farmington, Connecticut-based company said it had net income of $3.86. Earnings, adjusted for one-time gains and costs, were $1.53 per share.

The results surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.51 per share.

The maker of elevators, jet engines and other products posted revenue of $14.3 billion in the period, which missed Street forecasts. Six analysts surveyed by Zacks expected $15.43 billion.

For the year, the company reported profit of $7.61 billion, or $8.62 per share. Revenue was reported as $56.1 billion.

United Technologies shares have dropped 11 percent since the beginning of the year, while the Standard & Poor's 500 index has dropped roughly 7 percent. The stock has dropped 28 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on UTX at http://www.zacks.com/ap/UTX

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Keywords: United Technologies, Earnings Report

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