FARMINGTON, Conn. (CBS Connecticut and AP) – United Technologies Corp. (UTX) on Wednesday reported first-quarter profit of $1.39 billion.
On a per-share basis, the Farmington, Connecticut-based company said it had net income of $1.73. Earnings, adjusted for non-recurring gains, were $1.48 per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.39 per share.
The maker of elevators, jet engines and other products posted revenue of $13.82 billion in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $13.32 billion.
United Technologies expects full-year earnings in the range of $6.30 to $6.60 per share, with revenue in the range of $57.5 billion to $59 billion.
United Technologies shares have climbed roughly 7 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed nearly 7 percent. The stock has increased 11 percent in the last 12 months.
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