Hartford industrial conglomerate United Technologies Corp. says its fourth-quarter net income from continuing operations dropped 26 percent due to costs for restructuring, completing its $18.4 billion Goodrich acquisition and other one-time items, but improving sales of elevators and other products lifted revenue, The Associated Press reports.
The aerospace and building products conglomerate said Wednesday that net income from continuing operations was $945 million, or $1.04 per share, meeting Wall Street expectations for the October-December quarter.
The Hartford, Conn., company has been selling off divisions to help finance the Goodrich purchase.
Acquisitions helped lift revenue14 percent to $16.44 billion. New equipment orders rose at the Otis elevator unit, driven by demand from China, and sales were strong in the heating and cooling equipment division in an improving North American market. Analysts polled by FactSet predicted $16.65 billion.
