United Tech fourth-quarter profit down after large restructuring charges
United Technologies Corp reported a 26 percent decline in profit, reflecting large restructuring charges at the end of a year that saw the company close its largest-ever acquisition and sell several small units.
The diversified U.S. manufacturer said on Wednesday fourth-quarter earnings from continuing operations fell to $945 million from $1.28 billion a year earlier. Per-share profit from continuing operations came to $1.04, down from $1.42 a year earlier.
The results for the just-ended quarter included 25 cents per share of restructuring charges and other one-time items.
(Reporting by Scott Malone; Editing by Jeffrey Benkoe)