United Technologies Reports Q2 Profits

United Technologies has reported a jump in second quarter profits. The Hartford-based conglomerate says it’s seeing an improvement in the aerospace and housing markets. WNPR’s Harriet Jones reports.

United Technologies is the parent of Pratt & Whitney, Sikorsky, Otis Elevator, Carrier Air Conditioning and Hamilton Sundstrand among others. The company reported net income of just over $1 billion in the quarter, or $1.20 per share. That’s up 14% from the same quarter in 2009. Revenue rose 5% from $13.2 to $13.9 billion.

The results beat analysts’ expectations. UTC raised its earnings guidance for the full year, saying it’s seeing stronger order rates in the first half of 2010 than it had expected. The conglomerate is the world’s biggest maker of elevators and air conditioners, so its uniquely sensitive to both the commercial and residential building markets. It also closely tracks changes in commercial aerospace through sales of jet engines from Pratt & Whitney, and aircraft systems from Hamilton Sundstrand.

For WNPR, I'm Harriet Jones.