United Technologies Affirms Outlook; Shares Fall

First-quarter earnings rise to $1 billion, or $1.03 a share.
By TSC Staff ,

United Technologies

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said its first-quarter profit grew as the aerospace market surged, but the company's weak outlook sent its stock lower Thursday.

The Hartford, Conn.-based industrial giant said its first-quarter earnings rose to $1 billion, or $1.03 a share, compared to the year-ago profit of $819 million, or 82 cents a share.

Excluding a charge related to its restructuring, United Tech said it had a quarterly profit of $1.05 a share, exceeding expectations for earnings of $1.01 a share, according to Thomson First Call.

The company's aerospace unit powered revenue higher by 11.4% to $13.7 billion, compared to analysts revenue target of $13.4 billion.

Despite the earnings beat, shares declined after United Tech reaffirmed its full-year earnings guidance for a profit in a range of $4.65 to $4.85 a share. Analysts currently expect full-year earnings of $4.86 a share.

Shares were lately down $1.67, or 2.3%, to $70.96.

This article was written by a staff member of TheStreet.com.

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