United Tech Ups Low End of 2010 Guidance
HARTFORD, Conn. (TheStreet) -- United Technologies increased the lower end of its expected full-year 2010 earnings range after reporting a first-quarter earnings increase of 19%.
United Technologies said it's raising the lower end of its earnings guidance to $4.50 a share from $4.40 a share as the company continues to see improvement in order trends. It now expects full-year earnings of $4.50 to $4.65 a share; analysts' consensus estimates are $4.63.
United Technologies reported first-quarter earnings of $866 million, or 93 cents a share, compared with earnings of $722 million, or 78 cents a share, the previous year. Results for the quarter includes restructuring costs of 5 cents a share. Also, foreign currency translation and currency hedges at Pratt & Whitney Canada accounted for 6 cents of the earnings increase.
The company said its ongoing focus on cost reduction and productivity, and savings from restructuring efforts, have led to margin expansion across each of its businesses.
Revenue was $12.1 billion, 1% below the prior year.
Analysts surveyed by Thomson Reuters expected first-quarter earnings of 90 cents a share on revenue of $12.26 billion.
-- Reported by Andrea Tse in New York
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