United Technologies (UTX) revealed mixed fourth-quarter results on Wednesday as the conglomerate’s profits slumped by a lighter-than-feared 29%, but revenue growth trailed forecasts.
The manufacturer of Blackhawk helicopters said it earned $1.46 billion, or $1.60 a share, last quarter, compared with a profit of $2.06 billion, or $2.26 a share, a year earlier.
Excluding one-time items, the company said it earned $1.58 a share, besting the Street’s view of $1.53.
United Tech, which also makes Otis elevators and Carrier air-conditioning systems, said revenue ticked up 1.9% to $16.76 billion, missing consensus calls from analysts for $17.09 billion. Organic sales increased 4%.
UTC CEO Louis Chenevert said in a statement the company saw “slower than expected recovery in our end markets,” but also enjoyed “an acceleration of organic growth throughout the year.”
The company’s Otis division increased revenue 4% to $3.34 billion last quarter, outstripping the 1% growth for climate, controls and security sales to $4.19 billion. Pratt & Whitney revenue rose 5% to $4.09 billion, while aerospace systems sales jumped 9% to $3.45 billion.
Looking ahead, Chenevert said the company is “confident” about delivering its forecast 2014 EPS of $6.55 to $6.85 on revenue of about $64 billion. Analysts have been modeling for EPS of $6.82 on sales of $65.36 billion.
“With a portfolio and organization focused on our core markets, we have a strong foundation for earnings growth in 2014 and beyond,” he said.
Shares of Hartford-based UTC slipped 0.44% to $114.48 in premarket trading Wednesday morning. The conglomerate’s shares have rallied about 31% over the past 12 months.