United Tech posts big 2Q profit, revenue gains

HARTFORD, Conn. (AP) — United Technologies, citing strong orders at its elevator business in China and for commercial airline parts, posted double-digit percentage increases in profit and revenue for the second quarter Tuesday.

The aerospace and building systems conglomerate, which has about 700 employees in Troy, is benefiting from its $18.4 billion purchase of Goodrich, and subsidiary Pratt & Whitney’s $1.5 billion deal to buy Rolls-Royce out from a joint venture that makes engines for the Airbus A320. Without the acquisitions, revenue for the quarter would have been flat.

The parent company of helicopter maker Sikorsky Aircraft, Otis elevator and other businesses beat Wall Street estimates, posting net income of $1.56 billion, or $1.70 per share, or $1.69 per share to account for discontinued businesses.

United Technologies, based in Hartford, Conn., fell shy of analyst expectations for revenue, posting sales of $16 billion, up 16 percent from 2012.

Analysts polled by FactSet, on average, expected earnings of $1.58 per share on revenue of $16.37 billion.

CEO Louis Chenevert said strong orders put the company in a good position for a return to growth, excluding its acquisitions in the second half of 2013.

New equipment orders at Otis increased 23 percent over the year-ago quarter, led by 39 percent growth in China.

Orders for large commercial engine spare parts were up 65 percent at Pratt & Whitney, including the benefit from its Rolls-Royce buyout. Excluding benefits from the Rolls-Royce deal, commercial spare parts orders rose 15 percent at Pratt & Whitney.

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