United Tech broad revenue growth helps profit beat Street
United technologies (UTX. N) reported higher-than-expected quarterly profit on Tuesday, through in the field of aerospace and commercial building, and strong sales growth in China.
Elevator, jet engines and diversity of the climate control system manufacturer, also lifted its 2014 profit forecast low-end.
Does not include the assets, revenue growth of 5% and rising across all five science and technology in the United States, the dow Jones industrial average members of the business division.
"Sales in much better than we expected," the science and technology, chief financial officer Greg hayes said in an interview.
In the first quarter net income fell by 4%, to $1.21 billion, or $1.32 a share. Restructuring costs for 9 cents, a year ago the company had some disposable income.
In spite of this, $1.32 per share earnings beat analysts' average forecast of five cents, according to Thomson Reuters
I/B/E/S.
"Restructuring and business spending are lower than we expected, helping to drive the overall earnings' take '," RBC Capital Markets analyst Robert stowe rudd said in a research report.
Revenue rose 2.4% to 14.75 billion, but analysts estimate in advance.
In the service of construction, such as Otis elevators and carrier air-conditioning unit of united technologies business, benefit from the city's emerging markets, such as China's growth.
Otis sales in China rose by about 16%, and orders jumped 25%, hayes said. At Otis sales as a whole grew by 5%.
"Maybe a little bit of a surprise, China is still very strong for us," hayes said.
The sikorsky helicopters department, the department has been a drag on the scientific and technological achievements as weak U.S. military spending in recent quarters, saw sales increased by 9%. And the manufacturer of black hawk saw us shipments, hayes said, was offset by the international military and commercial sales.
Its pratt &whitney aircraft engine division, the company is to launch a new design of commercial aircraft engine, see sales growth of 4%, but does not include assets.
United technologies expects full-year earnings of $6.85 per share 6.65, raised from $6.55 low.
In providing more value in 2014, the company pointed out that confidence in its annual sales target of about 6.4 trillion, and continued cost cutting. The science and technology plan to spend $375 million in restructuring this year, from the previous plans to spend $300 million.
By Monday, the U.S. technology shares rose 4% in the year, ahead of the broader market in the United States.
