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UTC Reports 14 Percent Fourth Quarter EPS Growth on 6 Percent Higher Sales; Affirms 2011 Outlook

HARTFORD, Conn. Jan. 26, 2011 $1.31 $0.03 $0.08 Whitney Canada $0.02

$14.9 billion $1.2 billion $1.7 billion $600 million $386 million

$4.74 $4.4 billion $54.3 billion $5.9 billion $1.3 billion $865 million

Louis Chenevert

New equipment orders at Otis were up 11 percent over the year ago fourth quarter.  Commercial HVAC new equipment orders at Carrier grew 21 percent including favorable foreign exchange of 1 point.  Commercial spares orders at Pratt & Whitney’s large engine business grew 45 percent and at Hamilton Sundstrand were up 31 percent over the year ago fourth quarter.

$56 billion to $57 billion $5.05 to $5.35

$2.5 billion $1.5 billion

$556 million $2.2 billion $207 million $2.8 billion

the United States

Hartford, Connecticut http://www.utc.com

the United States the United States

UTC-IR

United Technologies Corporation

Condensed Consolidated Statement of Operations

Quarter Ended

December 31,

Year Ended

December 31,

(Unaudited)

(Unaudited)

(Millions, except per share amounts)

2010 

2009 

2010 

2009 

Net sales

$

14,864

$

13,979

$

54,326

$

52,425

Costs, Expenses and Other:

Cost of products and services sold

11,000

10,317

39,414

38,861

Research and development

457

421

1,746

1,558

Selling, general and administrative

1,631

1,555

6,024

6,036

Other income, net

(77)

(98)

(44)

(407)

Operating profit

1,853

1,784

7,186

6,377

Interest expense, net

167

160

648

617

Income before income taxes

1,686

1,624

6,538

5,760

Income tax expense

433

455

1,827

1,581

Net income

1,253

1,169

4,711

4,179

Less: Noncontrolling interest in subsidiaries’ earnings

54

96

338

350

Net income attributable to common shareowners

$

1,199

$

1,073

$

4,373

$

3,829

Earnings Per Share of Common Stock:

Basic

$

1.33

$

1.17

$

4.82

$

4.17

Diluted

$

1.31

$

1.15

$

4.74

$

4.12

Weighted average number of shares outstanding:

Basic shares

902

915

908

917

Diluted shares

916

931

923

929

December 31, 2010

See accompanying Notes to Condensed Consolidated Financial Statements.

United Technologies Corporation

Segment Net Sales and Operating Profit

Quarter Ended

December 31,

Year Ended

December 31,

(Unaudited)

(Unaudited)

(Millions)

2010 

2009 

2010 

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