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United Tech Net Drops on Weak Order Trends

United Technologies said first-quarter earnings fell to $799 million, or 78 cents a share, as revenue declined and the company faced "difficult end markets and currency headwinds."

United Technologies

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, a component of the

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, reported first-quarter earnings of $799 million, or 78 cents a share, compared with earnings of $1.08 billion, or $1.03 a share, a year earlier as revenue declined and the company faced "difficult end markets and currency headwinds."

The latest quarter include restructuring costs of 12 cents a share and a one-time tax benefit of 3 cents a share. Adverse foreign currency translation and currency hedges at Pratt & Whitney Canada totaled 8 cents a share in the first quarter, the company said in a press release Tuesday.

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Net income attributable to common shareowners fell 28% to $722 million from $1 billion.

Sales fell to $12.25 billion from $13.96 billion.

Analysts surveyed by Thomson Reuters expected earnings of 78 cents a share on revenue of $12.4 billion.

United Technologies said order trends in the quarter were weak although the company said it saw "stabilization in the rate of year-over-year decline across most of our businesses in March."

The company said it expects to meet its full-year guidance of earnings of $4 to $4.50 a share on revenue of $55 billion.

Analysts estimate 2009 earnings of $4.20 a share on revenue of $54.3 billion.