United Technologies Beats Street 1Q Forecasts

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.

(© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.) 

Comments

Leave a Reply

Please log in using one of these methods to post your comment:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Connecticut

At The Box Office
MLB Power Rankings

Listen Live