Money world

Diversified U.S. manufacturer United Technologies Corp (UTX.N: Quote, Profile, Research, Stock Buzz) reported better-than-expected quarterly profit Thursday on solid demand for Otis elevators and fire and security equipment from the commercial construction sector, sending its shares up almost 5 percent.

The world’s largest maker of elevators and air conditioners also raised its full-year profit forecast, saying it was managing its way through a slowing economy and moderating demand for its aircraft components.

“You’ve got a very diversified company in a variety of different businesses that’s extremely well managed,” said Jim Huguet, chief executive of Great Companies, a Tampa, Florida-based money manager with about $300 million in assets, including United Tech shares. “I’m not surprised they did well.”

United Tech said second-quarter earnings rose 11 percent to $1.28 billion, or $1.32 per share, from $1.15 billion, or $1.16 per share, a year earlier.

Analysts, on average, had expected a profit of $1.30 per share, according to Reuters Estimates.

Profit growth was sharpest at its Otis elevator and Sikorsky helicopter units; earnings at its Carrier air conditioner operations, which are influenced by rising metals prices, were marginally lower.

Revenue rose 12.7 percent to $15.67 billion.

The company said it now expects full-year profit of $4.80 to $4.95 per share, up from a prior forecast of $4.65 to $4.85 free credit report and score. Wall Street expects $4.88. 

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