Hartford building and aerospace conglomerate United Technologies Corp. (UTC) reported a nearly $2.2 billion increase in revenue for its second fiscal quarter, with profits also showing growth.
Revenue for the quarter ended June 30 was $16 billion, up 16 percent from the same period in 2012. Profits were $87 million, up 5.6 percent.
UTC, which owns Pratt & Whitney, Sikorsky, Otis and other subsidiaries, said the revenue increase was attributable to recent acquisitions. The company said organic growth was flat, but that it hopes to see organic growth over the second half of the year.
UTC acquired Goodrich Corp. last year for $16.5 billion, and merged the company with an existing business unit to create UTC Aerospace Systems.
UTC Aerospace led second-quarter gains for its parent with $3.32 billion in sales, nearly tripling its results from a year ago.
For the year, UTC expects sales of $64 billion, an amount on the lower end of its previous guidance range.
The company is in the midst of a restructuring designed to reduce its employee count by 7,000 and its facilities by 2.6 million square feet. It announced today that it expects to spend $450 million on restructuring this year, up from a prior estimate of $350 million.
