July 24, 2018 / 11:20 AM / 5 months ago

United Tech profit beats, raises full-year forecast

July 24 (Reuters) - United Technologies Corp topped Wall Street estimates for quarterly profit and raised its full-year earnings forecast for the second time on Tuesday, as the industrial conglomerate benefits from higher demand for spare parts and services from airlines.

The company, which makes Pratt & Whitney, Otis elevators and Carrier air conditioners, expects 2018 adjusted earnings per share to be in the range of $7.10-$7.25, up from prior forecast of $6.95-$7.15.

Net income attributable to common shareowners rose to $2.05 billion, or $2.56 per share, in the quarter ended June 30, from $1.44 billion, or $1.80 per share, a year earlier.

Excluding the gain on sale of food service equipment company Taylor Co and restructuring charges, the company earned $1.97 per share.

Net sales rose 9.3 percent $16.71 billion.

Analysts on average were expecting an earnings of $1.85 per share and revenue of $16.27 billion, according to Thomson Reuters I/B/E/S.

Shares of the company rose 2.4 percent to $132.50 in light premarket trading. (Reporting by Ankit Ajmera in Bengaluru; Editing by Arun Koyyur)

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