United Tech fourth-quarter profit down after restructuring charges
(Reuters) - United Technologies Corp (UTX.N: Quote) 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.
Revenue at United Tech, the world's largest maker of elevators and air conditioners, rose 14.4 percent to $16.44 billion from $14.38 billion a year earlier.
The company, which also makes Pratt & Whitney jet engines and Sikorsky helicopters, did not change its 2013 profit forecast for earnings of $5.85 to $6.15 per share.
Hartford, Connecticut-based United Tech last year closed its $16.5 billion takeover of aircraft components maker Goodrich Corp and sold or are selling units that make products including wind turbines, fuel cells and industrial pumps.
United Tech shares are up 12 percent over the past year, outpacing the 9 percent rise of the Dow Jones industrial average .DJI.
(Reporting by Scott Malone; Editing by Jeffrey Benkoe)
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