UTC Reports Slight Increase in Earnings Jul 18, 2003

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United Technologies Corp., parent company of HVAC maker Carrier Corp., reported a modest increase in earnings for the second quarter, citing increasing sales of Otis elevators in Asia that helped to offset overall weakness in commercial aviation.

UTC said that it earned U.S. $632 million, or $1.26 per share, for the 3-month period ended June 30. That compared with $624 million, or $1.23 per share, in the year-ago period.

Revenues were $7.79 billion for the second quarter, compared with $7.32 billion in the year-ago period.

United Technologies said foreign exchange boosted quarterly results at Otis and Carrier. In addition, revenue for the two units grew by 25 percent in China.

The corporation also reported acquisition-related spending of $76 million, reflecting the cost of purchasing 5 percent of shares of Chubb PLC, a London-based provider of electronic security and fire protection products and services. The two companies announced last month UTC's intention to purchase the company for $1 billion.

United Technologies affirmed its annual outlook in the range of $4.55 to $4.80-per share earnings. (Reuters)

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