United Technologies Corp. and Carrier Corp. reported fourth quarter 2007 earnings per share of US$1.08 and net income of $1.1 billion, up 24% and 23%, respectively. Consolidated revenues for the quarter increased 15% to $14.7 billion, including organic growth of 8% . Cash flow from operations was $2.0 billion and, after capital expenditures of $456 million, substantially exceeded fourth quarter net income.
Full year earnings per share of $4.27 and net income of $4.2 billion increased 15 and 13% , respectively, from 2006 results. Revenues increased 14% to $54.8 billion, including 9 points of organic growth, 3 points from foreign exchange, and 2 points from acquisitions. Full year cash flow from operations was $5.3 billion and capital expenditures were $1.2 billion.
"UTC had a powerful close to 2007 and expects continuing good performance in 2008. Although the U.S. economic outlook is mixed, UTC's balance across geographic and product markets should sustain yet another year of double digit earnings per share growth," said UTC Chairman and CEO George David.