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United Technologies Beats Street 1Q Forecasts

By The Associated Press | April 27, 2016 | Reprints | Unlock Link | Print

United Technologies Corp. on Wednesday reported first-quarter profit of $1.19 billion.

On a per-share basis, the Farmington-based company said it had net income of $1.43. Earnings, adjusted for one-time gains and costs, were $1.47 per share.

The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.38 per share.

The maker of elevators, jet engines and other products posted revenue of $13.36 billion in the period, which also topped forecasts. Five analysts surveyed by Zacks expected $13.03 billion.

United Technologies expects full-year earnings in the range of $6.30 to $6.60 per share, with revenue in the range of $56 million to $58 million.

United Technologies shares have risen 9 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased slightly more than 2 percent. The stock has dropped 9.5 percent in the last 12 months.