United Technologies profit rises 12 percent

United Technologies profit rises 12 percent:

Wednesday reported a 12 percent increase in profit for the fourth quarter on higher revenues. Earnings per share for the quarter topped analysts' expectations. Looking ahead to fiscal year 2011, the company affirmed its earnings per share and revenue guidance.

The Hartford, Connecticut-based parent company of jet engine manufacturer Pratt & Whitney, Otis elevator, and Sikorsky aircraft reported net income for the fourth quarter of $1.20 billion or $1.31 per share, up from $1.07 billion or $1.15 per share in the prior-year quarter.
The results for the latest quarter include net charges for restructuring and one-time items of $0.03 per share, while the year-ago results include restructuring and one-time items of $0.08 per share, respectively.
Before these charges, earnings per share for the quarter increased 9 percent year over year. Currency hedges at Pratt & Whitney Canada, net of all foreign exchange translation, contributed $0.02 to the earnings per share increase, the company said.