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Fri, Jan 23, 2009

United Technologies Corp. Weathers Recession In Q4

Parent Of Sikorsky, Pratt & Whitney, Rocketdyne

Times are tough, but there are some companies still doing OK. United Technologies Corporation released its 2008 fourth quarter numbers this week, and they're not shabby at all, especially in a recession.

The parent company of aircraft names like Pratt & Whitney, Rocketdyne, Sikorsky and Schweitzer, Carrier HVAC systems and Otis elevators, reported fourth quarter earnings per share of $1.23, up 14 percent, and net income of $1.1 billion, up 8 percent compared to 2007's fourth quarter.

Quarterly revenues were $14.5 billion. That's down 1 percent from the previous year, blamed by the company on adverse foreign exchange translation.

CEO Louis Chênevert explained the strong performance. "Balance works at UTC," he said. "While Carrier saw organic revenue decline 7 percent in the quarter, all other units reported organic growth with Sikorsky at an exceptional 25 percent.

"We remain confident that UTC's strong global franchises and experienced management team will continue to outperform even in this environment."

FMI: www.utc.com

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