United Technologies Q1 Profit Declines, Yet Beats Estimates; Lifts FY EPS View

(RTTNews) - Diversified conglomerate United Technologies Corp. (UTX) Tuesday reported first-quarter net income attributable to common shareowners of $1.21 billion, lower than $1.27 billion in the previous year.

On a per share basis, earnings declined to $1.32 from $1.39 per share reported last year.

On average, 18 analysts polled by Thomson Reuters expected the company to earn $1.27 per share for the quarter. Analysts' estimates typically exclude special items.

Results for the recent quarter included $0.09 per share of restructuring costs, while earnings per share in the year-ago quarter included $0.11 of favorable one-time items net of restructuring costs.

Net sales for the quarter grew 2% to $14.75 billion from $14.40 billion a year ago. Organic sales growth was 5%. Analysts estimated revenues of $14.74 billion for the quarter.

The company also lifted the lower end of 2014 earnings per share guidance range, and now expects earnings of $6.65 to $6.85 per share, up from the prior outlook of $6.55 to $6.85.

Louis Chenevert, chairman and chief executive officer said, "Continued organic growth and orders strength give us confidence in our sales expectation of $64 billion for 2014."

Analysts are looking for earnings of $6.83 per share, on revenues of $65.17 billion for the year.