United Technologies (NYSE:UTX) said Wednesday it managed to elevate its fourth-quarter profits by 12%, surpassing Wall Streetâ€™s expectations.
Hartford-based United Tech, which is the worldâ€™s largest maker of elevators and air conditioning equipment, said it earned $1.2 billion, or $1.31 a share. A year earlier it earned $1.07 billion, or $1.15 a share. Sales climbed 6% to $14.9 billion.
Analysts had been calling for EPS of $1.29 on $14.75 billion in revenue.
â€śUTC's fourth quarter results reflect strong sales growth, particularly in the commercial aerospace aftermarket and shorter cycle Carrier businesses," CEO Louis Chenevert said in a statement. â€śIn typical UTC fashion, cash generation was strong in the quarter and throughout the year."
Chenevert also said for that for the first time in the companyâ€™s history, all six business units delivered double-digit operating margins for the full year.
In addition to elevators and ventilating equipment, United Tech makes firefighting equipment, security systems, aircraft engines and military helicopters.
United Tech, which is a member of the Dow Jones Industrial Average, affirmed its 2011 guidance, saying it sees EPS of $5.05 to $5.35. The midpoint of that range, $5.20, would trail the Streetâ€™s view of $5.33.
The company also projected 2011 sales of $56 billion to $57 billion, compared with forecasts from analysts for $56.93 billion.
Shares of United Tech slipped 0.04% to $81.70 ahead of Wednesdayâ€™s open. The stock has rallied almost 20% over the past year.