By Dow Jones Business News,
January 22, 2014, 07:40:00 AM EDT
By Tess Stynes
United Technologies Corp. ( UTX ) said fourth-quarter earnings fell 29%, despite stronger revenue, on fewer
contributions from businesses the company has discontinued as it realigned its portfolio.
Profit from continuing operations increased.
The maker of Otis elevators, Blackhawk helicopters and Carrier air-conditioning systems has been renewing its focus on
its core aerospace and commercial businesses. In recent years, the company has shed units whose businesses don't fit
that model. Its earnings have been boosted in recent periods by its $16.5 billion acquisition during 2012 of aircraft-
component maker Goodrich Corp. However in October the company said asset sales would temper its sales growth for the
Chairman and Chief Executive Louis Chenevert said the company is confident in its ability to achieve its 2014
"With a portfolio and organization focused on our core markets, we have a strong foundation for earnings growth in
2014 and beyond," he said.
United Technologies reported a profit of $1.46 billion, or $1.60 a share, down from $2.06 billion, or $2.26 a share, a
year earlier. The latest period included restructuring charges of 11 cents a share, which were partly offset by two
cents of favorable one-time items. The year-earlier period included 25 cents a share of restructuring expenses and
items. Earnings from continuing operations rose to $1.58 from $1.04. Revenue increased 1.9% to $16.76 billion.
Analysts polled by Thomson Reuters expected per-share profit of $1.53 and revenue of $17.09 billion.
This year the company expects to spend $1 billion for share repurchases and another $1 billion for acquisitions,
compared with $1.2 billion and $151 million, respectively, last year. United Technologies estimated capital expenditures
of nearly $2 billion for 2014.
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