Executive Business Briefing

Here is a look at more of Monday's top business stories:

United Technologies sees higher results

HARTFORD, Conn., Feb. 10 (UPI) -- United Technologies Corp. said it expects its earnings for 2003 to rise by as much as 8.6 percent from 2002 as gains from its elevator and air-conditioning units offset weakness from its businesses linked to the commercial aviation sector.

Consistent with previous estimates from the company, United Technologies said it expects to report earnings for the year in the range of $4.55 to $4.80 a share compared with a net income of $4.42 a share in 2002.

The estimates were presented at an analysts meeting hosted by the conglomerate in New York City.

At Otis, the world's largest elevator company, United Technologies said revenue for the year should rise about 5 percent on improved construction markets in Asia and a weaker dollar. The unit's operating margin should gain a percentage point or more.

Carrier, the world's largest air-conditioning and heating systems maker, is expected to see low single-digit revenue growth and an operating margin increase of up to a point, United Technologies said.

The company's aerospace companies, Pratt & Whitney, Hamilton Sundstrand and Sikorsky, all expect flat revenues and a combined operating profit increase of up to $150 million.

George David, chairman and chief executive officer, said, "We expect the currently tougher economic environment to continue through 2003 but we remain as confident as when meeting with investors in December.

"Pension and insurance costs will be higher, and commercial aviation markets especially in the U.S. remain under pressure. The offsets for us are better economies in Asia, a potentially weaker dollar for the year, and UTC's usual outlook for solid performance gains. We like where we are," David said.

Sierra Pacific Resources posts loss

RENO, Nev., Feb. 10 (UPI) -- Sierra Pacific Resources Corp. said it posted a fourth-quarter loss of $39.5 million, or 39 cents a share, compared with net income of $5.8 million, or 6 cents a share during the same period a year earlier.

The company said the loss was attributable to milder-than-normal weather, higher interest expense and other charges.

The parent of two Nevada utilities, Nevada Power Co. and Sierra Pacific Power Co., said its revenue fell about 14 percent to $631 million from $733 million a year ago.

Walt Higgins, chairman, president and chief executive officer, said, "While the past year was extremely difficult due to extraordinary events, we are focusing our efforts on strengthening the company's balance sheet and liquidity with several initiatives, some of which we recently announced. Our number one priority continues to be restoring the company's financial health."