United Tech Posts Big 2Q Profit, Revenue Gains

United Technologies says its second-quarter revenue and profit spiked on strong elevator business in China and spare part sales for commercial airliners.

The parent company of Pratt & Whitney, Sikorsky Aircraft and Otis elevator posted net income on Tuesday of $1.56 billion, or $1.70 per share, or $1.69 per share to account for discontinued businesses.

Revenue for the April-June period rose 16 percent to $16 billion.

Analysts polled by FactSet, on average, expected earnings of $1.58 per share on revenue of $16.37 billion.

United Technologies Corp. increased its 2013 profit guidance to between $6 and $6.15 per share, from $5.85 to $6.15 previously. It said 2013 sales are expected at $64 billion, which is the lower end of previous guidance of $64 billion to $65 billion.