United Technologies reported earnings and sales that topped Wall Street's forecasts. The reason: booming demand for jet engines and other aircraft parts. Shares of the Dow component company rose 5% in early trading on the news.
United Technologies (UTX) owns the Pratt & Whitney engine maker as well as Collins Aerospace, the company formerly known as Rockwell Collins that United Technologies bought for $30 billion last year.
CEO Gregory Hayes said strong orders from Boeing (BA) and Airbus were a boost. He said he expected that trend to continue this year.
United Technologies is increasingly dependent on aerospace for its sales and profits. The company in November said it would split into three separate publicly traded firms — one for aviation, another for its Carrier air conditioning unit, and one for its Otis elevator businesses.