United Technology Corp. Sees Surge in Earnings

Filed in archive News on July 25, 2010

© ellenm1

United Technology Corp saw a 14 percent surge in its second quarter earnings mainly due ot the strong aerospace business. UTC is a multinational company based in the United States, and it is the parent company of the Canadian engine building company, Pratt & Whitney Canada, as well as Otis elevators, Sikorsky helicopters and Carrier air-conditioners.

UTC cited a strong performance in the first half of 2010, while raising its 2010 earnings estimate. Each of UTC's businesses, including Pratt & Whitney Canada, had reported turning in a higher operating profit. However, the revenue was lower for Otis. Louis Chenevert, the UTC CEO, said that the operating margins grew to a record high while cash continued to generate strongly due to the company's cost cutting practices and the return to revenue growth.