United Technologies Corp. Reports Q4 Earnings

January 21, 2001 by Jeff Shepard

United Technologies Corp. (Hartford, CT) reported a 20 percent increase in fourth-quarter earnings per share, to $0.84, as compared with $0.70 in 1999, excluding the restructuring charge and other actions in the prior year's quarter. Net income was $426 million, 18 percent above the $362 million reported 1999 before prior-year restructuring and other actions.

Full-year 2000 diluted earnings per share increased 18 percent to $3.55 on net income of $1.81 billion, from $3.01 and $1.53 billion, respectively, in 1999. Revenues from the fourth quarter increased 4 percent to $6.8 billion. Full-year revenues increased 10 percent to $26.6 billion.

Chairman and CEO George David commented, “We turned in another solid quarter, with earnings per share up 20 percent even after a $0.04 adverse foreign exchange impact. Our outlook remains more of the same in 2001."