UTC Income Up 140 Percent In Second Quarter
HARTFORD, Conn. (AP) _ United Technologies Corp., one of the nation’s leading defense contractors, on Wednesday reported its second quarter earnings rose 140 percent over the same period last year.
UTC said its earnings totaled $156 million, or $1.19 per share, compared with $64.9 million, or 44 cents a share, in the 1986 second quarter.
The second quarter figures include a pre-tax provision for estimated contract losses at UTC’s Norden Systems division of about $155 million, the corporation said.
Sales were up 7.7 percent to $4.2 billion from $3.9 billion in the second three months of 1986.
″Our second quarter earnings were on target, supporting confidence that we have taken the correct actions to achieve better results for our shareholders,″ UTC chairman and chief executive officer Robert F. Daniell said in a prepared statement.
Daniell said UTC’s strong showing was led by its Pratt & Whitney jet engines, Otis elevators and Industrial Systems units. United Technologies’ other products include Sikorsky helicopters, Carrier air conditioning and Hamilton Standard controls.
For the first six months, United Technologies earned $254.2 million, up 32 percent from $192.5 million a year earlier.
Sales for the first six months totaled $8.2 billion, up 10.8 percent from $7.4 billion in 1986.
United Technologies also announced it has sold its Elliot Turbomachinery Co. to Elliot Acquisition Corp.
Shareholders in Elliot Acquisition Corp. include members of Elliot’s present senior management. Paul R. Smiy will continue as Elliot’s president and chief executive officer, United Technologies said.
Elliot, based in Jeannette, Penn., is a manufacturer of turbine and compressor products. It also has plants in Scranton and Donora, Pa.; Dayton, Ohio; Houston; and Basingstoke, England.