United Technologies Corp. (NYSE: UTX) reported second-quarter fiscal 2014 results before markets opened Wednesday. The world’s largest maker of elevators and air conditioners posted diluted quarterly earnings per share (EPS) of $1.58 on revenues of $16.8 billion. In the same period a year ago, the company reported EPS of $1.04 on revenues of $16.44 billion. Wednesday’s results also compare to the consensus estimates for EPS of $1.53 on revenues of $17.09 billion.

For the full year, the company reported adjusted EPS of $6.21 on revenues of $63.0 billion. A year ago the company reported EPS of $5.35 on $57.71 billion in revenue. Consensus estimates called for EPS of $6.16 and $62.97 billion in revenue.

The company’s CEO said:

UTC closed a strong 2013 with 16 percent earnings growth despite slower than expected recovery in our end markets. The integration of our transformational deals and relentless focus on cost reduction were at the core of another successful year. And we delivered strong cash flow and margin expansion even as we made significant investments for future growth.

New equipment orders at its Otis unit grew 8% over the year-ago quarter. UTC Climate, Controls & Security equipment orders gained 5% organically. Large commercial engine spares orders were up 20% at Pratt & Whitney, and commercial spares orders increased 19% at UTC Aerospace Systems.

The company also said it expects to spend $1 billion each on share repurchases and acquisitions in 2014, following $1.2 billion and $151 million, respectively, in 2013.

United Technologies expects to deliver 2014 earnings per share of $6.55 to $6.85 on sales of approximately $64 billion. The consensus estimates for the full year so far call for EPS of $6.82 on revenues of $65.36 billion. For the current quarter, EPS is estimated at $1.45 and revenues at $14.79 billion.

Shares were up about 3% in premarket trading Wednesday, and hit a new 52-week of high of $118.17 shortly after the opening bell. The 52-week low is $86.81. Thomson Reuters had a consensus analyst price target of around $118.43 before the results were announced.

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