UTC Profits Up 17% In First Quarter
By STEPHEN SINGER, AP Business Writer
HARTFORD, Conn. (AP) _ United Technologies Corp. says its first-quarter profit jumped 17 percent as revenue rose and orders climbed for the industrial conglomerate’s elevator, aerospace and heating and cooling businesses.
The Hartford-based manufacturer of jet engines, helicopters and other aerospace and building systems also slightly raised its 2011 profit guidance Wednesday.
United Technologies has been benefiting from rising demand for airline parts and the improving commercial and real estate markets.
Net income rose to $1.01 billion, or $1.11 per share, for the three months ended March 31. That’s up from $866 million, or 93 cents per share, a year ago. Analysts expected earnings of $1.07 a share.
It says revenue rose 11 percent to $13.3 billion. Analysts expected $12.8 billion.
It raised its guidance for the year to between $5.25 and $5.40 per share from $5.20 to $5.35 per share.
(Copyright 2011 by The Associated Press. All Rights Reserved.)